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Stocks Drop as Mideast Tensions, Treasury Yields Weigh

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U.S. Stocks News

U.S. stocks closed sharply lower Monday, as an early lift from a strong retail sales report gave way to a jump in Treasury yields and concerns about rising geopolitical tensions between Iran and Israel.

With the S&P 500 coming off its biggest one-day percentage drop since Jan. 31 in the prior session, stocks opened higher in part after data showed retail sales increased by more than expected in March.

But gains faded over concerns the hostilities between Israel and Iran could continue to flare, and Treasury yields jumped, with the benchmark 10-year U.S. Treasury note hitting its highest level since November. According to preliminary data, the S&P 500 lost 61.79 points, or 1.21%, to end at 5,061.62 points, while the Nasdaq Composite lost 289.93 points, or 1.79%, to 15,885.17. The Dow Jones Industrial Average fell 250.63 points, or 0.66%, to 37,735.24.

Stocks have struggled recently, with the S&P 500 suffering two straight weeks of declines and its biggest weekly percentage drop since October last week as investors have pushed back expectations for the timing and size of any rate cuts from the Federal Reserve.

 

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