Here’s how things played out on Monday, from our US team:
US stocks slipped on Monday and the 10-year Treasury yield (^TNX) jumped past 4% for the first time since August ahead of a week of key inflation data and the start of earnings season.
The Dow Jones Industrial Average (^DJI) fell 0.9%, around 400 points, after notching a fresh record high as stocks soared to close last week. The S&P 500 (^GSPC) shed almost 1%, while the Nasdaq Composite (^IXIC) dropped nearly 1.2% as Big Tech names led the pair lower.
Stocks veered to session lows in afternoon trading after a judge ordered Alphabet (GOOG, GOOGL) to open up Google’s app store business, Google Play, to more competition. Amazon (AMZN) fell over 3%, while Microsoft (MSFT) lost over 1.5%. Chip heavyweight Nvidia (NVDA) was the only gainer among the “Magnificent 7” members.
Oil futures jumped more than 3.5% on Monday, extending their biggest weekly gains in over a year as traders price in whether Israel’s expected response to Iran’s recent attack will involve targeting the country’s petroleum fields.