WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading n Monday, giving back ground after ending last week's trading on an upbeat note. The major averages have all moved to the downside, with the tech-heavy Nasdaq leading the way.
Currently, the major averages are just off their lows of the session. The Nasdaq is down 335.88 points or 1.2 percent at 26,732.84, the S&P 500 is down 74.99 points or 1 percent at 7,668.42 and the Dow is down 392.34 points or 0.8 percent at 51,436.28.
The weakness on Wall Street comes amid a substantial rebound by the price of crude oil, which has been a key driver of trading in recent sessions.
U.S. crude oil futures are surging by nearly 3 percent after tumbling by 2.3 percent during last Friday's trading after President Donald Trump rejected Iran's conditional proposal for reopening the Strait of Hormuz.
Iran's proposal would have purportedly reopened the strait and resumed nuclear talks in return for the U.S. lifting its blockade of Iranian ports.
A report from the Wall Street Journal citing U.S. officials said Trump has told aides he expects to resume bombing Iran after the November midterm elections.
Treasury yields have moved sharply higher along with the price of crude oil, with the yield on the benchmark ten-year note reaching its highest level since June 2007.
The jump in crude oil prices and treasury yields have renewed concerns about the outlook for inflation and interest rates ahead of the Federal Reserve's next monetary policy meeting late next month.
CME Group's FedWatch Tool is currently indicating a 70.3 percent chance the Fed will raise rates by another quarter point at its October meeting.
On Wednesday, the Commerce Department is scheduled to release its report on personal income and spending in the month of August, which includes the Fed's preferred inflation readings.
Sector News
Gold stocks are moving sharply lower along with the price of the precious metal, with the NYSE Arca Gold Bugs Index plummeting by 4.7 percent to its lowest level in well over a month.
Substantial weakness is also visible among semiconductor stocks, as reflected by the 3 percent plunge by the Philadelphia Semiconductor Index.
Computer hardware, networking and software stocks are also seeing considerable weakness, contributing to the slump by the tech-heavy Nasdaq.
Most of the other major sectors have also moved to the downside, with notable weakness visible among airline, telecom and banking stocks.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan's Nikkei 225 Index slid by 0.7 percent, while Hong Kong's Hang Seng Index climbed by 0.5 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index is up by 0.6 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.5 percent.
In the bond market, treasuries have moved notably lower, extending the downward trend seen over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 7.0 basis points at 5.260 percent.
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