Stock market today: Dow, S&P 500, Nasdaq slip as 10-year jumps past 4%

US stocks slipped on Monday afternoon as the 10-year Treasury yield jumped past 4% ahead of a week of key inflation data and the start of earnings season. The Dow Jones Industrial Average fell 1.2% after notching a fresh record high as stocks soared to close the week. The S&P 500 shed more than 1%, while the tech-heavy Nasdaq Composite also dropped more than 1.1%.

Hopes for an outsized rate cut from the Federal Reserve have melted away after a better-than-expected September jobs report dispelled concerns about cracks in the labor market. The benchmark 10-year Treasury yield hit 4% for the first time since August amid doubts about the Fed's next move. Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards Traders have abandoned last week's bets on a 0.50% rate cut in November and now see an 88% chance of a 0.

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