Stocks were lower Monday (7/10) on Wall Street as rising oil prices and higher 10-year Treasury yields weighed on market sentiment.
THE Dow Jones specifically, it lost 0.94% to 41,954.24 points, the S&P 500 fell 0.98% to 5,694.85 points, while the Nasdaq Composite moved 1.17% to 17,926.04 points.
A rise in US Treasury yields added to the pressure on stocks. The benchmark 10-year Treasury yield rose nearly 3 basis points to 4.008%. The yield exceeded the 4% barrier for the first time since August.
According to analysts, last week was actually saved by grace in the labor report which was published on Friday (4/10), whose numbers are better than the first estimate. However, the investment climate remains uncertain. Therefore, market volatility may remain high in the coming weeks.
Additionally, energy stocks, up 0.4%, were the only S&P 500 sector to close in positive territory. The Utilities and Consumer Discretionary sectors were among the day’s losers, both falling around 2%.
How oil works
Oil prices rose more than 3% on Monday, with Brent above $80 a barrel for the first time since August, as the heightened risk of war across the Middle East region prompted investors to exit. in negative record positions accumulated in the previous month.
Brent crude futures rose $2.82, or 3.6%, to $80.87 a barrel. US West Texas Intermediate futures rose $2.75, or 3.6 percent, to $77.13 a barrel.