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Stocks struggled Monday as rising oil prices and higher Treasury yields weighed on market sentiment.
The Dow Jones Industrials plunged 398.51 points to 41,954.24.
The S&P 500 index swooned 55.13 points, or 1%, to 5,695.94.
The NASDAQ Composite skidded 213.95 points to 17,923.90.
Monday’s moves come after a bumpy week for stocks that saw the major averages grind out modest gains. The S&P 500 added 0.2% for the week, while the NASDAQ Composite inched up 0.1% and the Dow added 0.1%.
Earnings season heating up, with results from Delta Air Lines on Thursday, and JPMorgan Chase on Friday. Meanwhile, shares in Delta headed higher 19 cents to $49.47, while Morgan shares retreated 28 cents to $210.93.
On the economic front, key releases in the week ahead include the Federal Reserve meeting minutes on Wednesday and the consumer price index report on Thursday.
Prices for the 10-year Treasury dropped, making yields soar to 4.02% from Friday’s 3.97%. Treasury prices and yields move in opposite directions.
Oil prices improved $2.93 to $77.31 U.S. a barrel.
Gold prices stumbled $5.20 to $2,602.60 U.S. an ounce
