The S&P 500 fell slightly on Monday as a drop in key technology stocks overshadowed a move lower in Treasury yields.
The Dow Jones Industrials zoomed 138.98 points to greet the closing bell at 53,416.99.
The much-broader index backpedaled 21.41 points to 7,652.96.
The NASDAQ Composite sank 200.26 points, however, to 25,980.19.
Declines in chip stocks weighed on the broader market. Micron Technology shed more than 5%, while Advanced Micro Devices gave up 3% and Broadcom pulled back 2%.
Other tech stocks fell as well. Coherent lost 4% and Lumentum dropped 3%, while Sandisk dropped 6%. Corning moved down 2%, while Seagate Technology declined 6%.
Treasury yields moved lower after reports that the Treasury may use the General Account to fund a buyback operation. The 10-year Treasury note yield fell three basis points to 4.708%.
The yield on the 30-year Treasury bond, which topped 5.3% last week to reach levels not seen in nearly 20 years, shed more than three basis points to 5.237%.
The report comes after Treasury Secretary Scott Bessent told the media last week that the Treasury Department’s plans to at least double the level of government debt buybacks in the next few months could be larger than the $4 billion that was announced earlier that week.
Prices for the 10-year Treasury strengthened, lowering yields to 4.70% from Friday’s 4.73%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.99 to $85.07 U.S. a barrel.
Gold prices spiked $25.70 to $4,706.30 U.S. an ounce.
