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Stock market today: Wall Street drifts lower as pressure rises from the bond market

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NEW YORK (AP) — Wall Street is drifting lower in early trading as pressure from the bond market continues to build. The S&P 500 was down 0.5% early Monday. The Dow lost 171 points, and the Nasdaq composite was off 0.6%.

Rapidly rising yields in the bond market have been knocking stock prices lower since the summer. The yield on the 10-year Treasury briefly topped 5.02% early Monday to touch its highest level since 2007. Oil prices fell to ease some of the pressure on inflation. Chevron dropped after saying it would buy rival Hess for $53 billion, the latest huge deal in the oil-and-gas industry.

The Federal Reserve raised its overnight interest rate rapidly hoping to quash high inflation, which has come down from its peak last summer. The yield on the 10-year Treasury has recently has been catching up to the Fed's main interest rate, which is already above 5.25% — its highest level since 2001.

The escalation of conflict in the Middle East has rattled markets, adding to uncertainty about oil supplies from the region if the fighting spreads. International investors have been shifting their assets out of Chinese shares due to simmering geopolitical tensions, challenging economic conditions, and a crisis in the property industry.Shares in Taiwan-based Foxconn Technology Co., a Fortune 500 company known for making Apple iPhones, fell 2.2% after Chinese state media reported over the weekend that the company has been subjected to searches by Chinese tax authorities.

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