Wall Street drifts as stocks continue to follow the bond market's lead

Wall Street is drifting Monday, continuing a months-long run where it's slavishly followed the cue of the bond market. The Standard & Poor's 500 was 0.2% lower in morning trading, coming off its worst week in a month. The Dow Jones industrial average was down 90 points, or 0.3%, as of 10:33 a.m. Eastern, and the Nasdaq composite was 0.1% lower. Rapidly rising yields in the bond market have been knocking stock prices lower since the summer, and Treasury yields were swinging.

Oil prices have been volatile since rising rapidly through the summer on worries that fighting in the Gaza Strip could lead to disruptions in supplies from Iran or other big oil-producing countries. Gold's price, meanwhile, eased after jumping last week on worries about the war. An ounce slipped 0.4% to $1,985.90. Energy giant Chevron is putting some of its strength to work by buying rival Hess. Chevron said it’s swallowing up Hess in an all-stock deal valued at $53 billion. Chevron fell 2.

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