WASHINGTON (dpa-AFX) - After moving to the upside early in the session, stocks have come under pressure over the course of the trading day on Monday. The tech-heavy Nasdaq has shown a significant move to the downside, while the S&P 500 has also moved lower.
Currently, the Nasdaq is off its lows of the session but still down 278.67 points or 1.1 percent at 26,239.26. The S&P 500 is also down 26.48 points or 0.4 percent at 7,474.10, but the narrower Dow is up 145.58 points or 0.3 percent at 51,710.28.
The slump by the Nasdaq comes amid weakness among technology stocks, with shares of SpaceX (SPCX) plunging by 8.6 percent.
An increase by treasury yields may be weighing on tech stocks, as the yield on the two-year note reaches its highest levels in over a year.
Concerns about the outlook for interest rates are driving yields higher ahead of the release of key inflation data later in the week.
Traders seem worried that an acceleration in the pace of inflation as a result of President Donald Trump's war with Iran could lead the Federal Reserve to raise interest rates later this year.
Substantial weakness is also visible among retail stocks, as reflected by the 2.3 percent plunge by the Dow Jones U.S. Retail Index. The index has tumbled to its lowest level in well over two months.
Gold stocks are also seeing considerable weakness amid a steep drop by the price of the precious metal, while banking, transportation and pharmaceutical stocks are turning in strong performances.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan's Nikkei 225 Index surged by 1.6 percent, while Hong Kong's Hang Seng Index slid by 0.7 percent.
The major European markets have also turned mixed on the day. While the French CAC 40 Index is down by 0.2 percent, the German DAX Index is up by 0.6 percent and the U.K.'s FTSE 100 Index is up by 0.7 percent.
In the bond market, treasuries have shown a notable move to the downside. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.2 basis points at 4.493 percent.
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