US stocks feel the heat as oil and yields climb
SPY•US stocks fell after President Donald Trump rejected an Iranian proposal to end the conflict, lifting crude prices and Treasury yields. The S&P 500 was down about 0.4%, while the 10-year Treasury yield was around 5.23%.
1. Stocks under pressure
US stocks were lower early Monday after President Donald Trump rejected an Iranian proposal to end the conflict, sending crude prices higher and reviving inflation concerns. The S&P 500 was down about 0.4%, with most sectors in the red; consumer discretionary and communication services led declines, while energy gained.
2. Oil and yields rise
Crude futures, up more than 4% overnight, had pared gains and were up around 1.5%. The 10-year Treasury yield briefly reached 5.2382%, its highest since June 2007, before easing to around 5.23%.
3. Other market moves
The Euro STOXX 600 was up about 0.5%. The dollar gained, bitcoin fell about 1%, and gold slid about 3%; software, semiconductor and gold and silver mining stocks were among the weaker US market groups.
