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US stocks flipped to sizable losses Monday as bond yields rose and investors focused on the fallout of Iran’s attack on Israel and the continuation of corporate earnings season.
The S&P 500 (^GSPC) slid below back below the 5,100 level to close down 1.2%. Its two-day, 2.6% drop is the most significant in over a year. The Dow Jones Industrial Average (^DJI) lost 0.7%. The Nasdaq Composite (^IXIC) fell 1.8% as Big Tech stocks led the declines. All three averages erased earlier session gains.
The 10-year Treasury yield (^TNX) touched 2024 highs to hover around 4.63% as traders scaled back bets on the depth of Fed interest rate cuts this year.
Stocks have come under pressure in recent days as earnings season got off to a lackluster start and concerns persisted that inflation has stalled in cooling to the Federal Reserve’s 2% target.
Earlier in the session, investors shrugged off initial concerns of a full-blown war in the Middle East after Iran’s direct missile and drone strike on Israel on Saturday. Efforts by the US to encourage Israel not to retaliate appeared to help settle nerves, in part because the well-telegraphed attack allowed damage to be contained.
Oil prices pared earlier session losses on Monday as traders awaited Israel’s next move. West Texas Intermediate crude futures (CL=F) settled above $85 per barrel, while Brent futures (BZ=F) closed just over $90 per barrel.
Goldman Sachs (GS) highlighted the corporate earnings docket Monday, getting big banks back on track. Shares for the Wall Street lender added more than 3% after first quarter profit jumped to beat estimates.
Meanwhile, Tesla (TSLA) shares fell over 5% after the electric vehicle maker reduced staff amid a broader EV growth slowdown.
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