WASHINGTON (dpa-AFX) - With trading resuming following the long holiday weekend, stocks moved mostly lower during trading on Monday following the strong performance seen during last Friday's session. The tech-heavy Nasdaq showed a significant move to the downside.
The Nasdaq saw continued weakness late in the day, closing down 351.33 points or 1.3 percent at 26,166.60. The S&P 500 also fell 27.79 points or 0.4 percent to 7,472.79, while the narrower Dow bucked the downtrend and rose 148.01 points or 0.3 percent to 51,712.71.
The slump by the Nasdaq came amid weakness among technology stocks, with shares of SpaceX (SPCX) plummeting by 16.4 percent.
An increase by treasury yields weighed 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 drove 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 was also visible among retail stocks, as reflected by the 2.9 percent plunge by the Dow Jones U.S. Retail Index. The index tumbled to its lowest closing level in well over two months.
Gold stocks also saw considerable weakness amid a steep drop by the price of the precious metal, while banking and pharmaceutical stocks turned 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.
Meanwhile, European stocks moved mostly higher on the day. The U.K.'s FTSE 100 Index advanced by 0.7 percent and the German DAX Index climbed by 0.6 percent, although the French CAC 40 Index bucked the uptrend and fell by 0.3 percent.
In the bond market, treasuries showed a significant move to the downside. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 5.8 basis points at 4.509 percent.
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