US stocks fall, 30-year Treasury yield hits highest since 2007 as oil tops $90
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US stocks declined Monday, with the Dow and S&P 500 each down 0.5% and the Nasdaq off 0.3%, as oil prices jumped and Treasury yields surged amid renewed US-Iran tensions. Brent crude hit $90 a barrel and the 30-year Treasury yield rose 5 basis points to 5.31%, its highest since June 2007.
Key Facts
- The 30-year Treasury yield rose 5 basis points to 5.31%, the highest level since June 2007.
- Brent crude futures reached $90 per barrel after President Trump said the US-Iran war would not end soon.
- The Dow and S&P 500 each fell 0.5%, while the Nasdaq Composite dropped 0.3% on Monday.
- President Trump threatened Oman, saying the US would bomb it if it interfered with the Strait of Hormuz.
US Equity Indexes
The Dow Jones Industrial Average declined 0.5% and the S&P 500 fell 0.5% after the benchmark posted its third straight weekly gain. The Nasdaq Composite dropped 0.3% following a relatively calm week on Wall Street. Stocks tipped lower in afternoon trading as oil prices rose and the 10-year and 30-year Treasury yields extended gains. Big-box retailers including Walmart, Target, Lowe's, and Home Depot are set to report quarterly results this week.
Oil and Middle East Tensions
Brent crude futures reached $90 per barrel after President Trump said he does not see the US-Iran war ending anytime soon. The memorandum of understanding between the United States and Iran expired on Monday, renewing concerns that the conflict could reignite. Trump also threatened Oman in a Fox News interview, saying if the country interferes with the Strait of Hormuz the US would bomb it.
Treasury Yields and Fed
The 30-year Treasury yield rose 5 basis points to 5.31%, its highest level since June 2007. The 10-year Treasury yield also extended gains amid concerns about growing US national debt. Investors are awaiting the Federal Reserve's next policy move and the release of Federal Open Market Committee meeting minutes on Wednesday.
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US stocks fall, 30-year Treasury yield hits highest since 2007 as oil tops $90
