Stocks fell Monday, weighed down by a jump in oil prices and Treasury yields to start the week.
The Dow Jones Industrials dumped 231.09 points to 51,587.53
The S&P 500 index moved lower 49.31 points to 7,695.10.
The NASDAQ Composite lost 243.5 points to 26,925.22.
Brent crude traded more than 2% higher at $106.79 per barrel. West Texas Intermediate futures gained around 2% as well to $94.40, after President Donald Trump rejected conditions for a ceasefire presented by Iran.
Several AI stocks led the major indexes lower on Monday. Chip stocks such as Advanced Micro Devices and Micron Technology traded down about 3% and 2% on the day, respectively. Amazon also edged down 1%, while Microsoft dipped 2% over the same period. Meta shed nearly 4%.
However, Nvidia bucked the trend in hyperscaler and other AI stocks. The stock popped more than 3% after the company announced on Monday it plans to buy back an additional $150 billion worth of its shares, bringing the total value of its share repurchasing program to $235 billion.
Wall Street is coming off a winning week after tech and tech-linked names outperformed. Meta Platforms rallied nearly 13% in that time, as traders cheered the company’s Muse artificial intelligence agent. Microsoft climbed more than 4%, while Apple and Nvidia advanced more than 1% each.
Rates will be in focus again this week, with a slew of key economic data on deck. The August personal consumption expenditure price index, the Fed’s preferred inflation gauge, is due out Wednesday. New U.S. manufacturing numbers are due Thursday, while the closely watched September jobs report is set for release Friday.
Prices for the 10-year Treasury regained lost ground, spiking yields to 5.25% from Friday’s 5.16%. Treasury prices and yields move in opposite directions.
Oil prices ditched $1.76 to $94.17 U.S. a barrel.
Gold prices were clobbered $146.80 to $4,175.90 U.S. an ounce.
