U.S. major indices fell on Monday as rising Treasury yields and a strengthening dollar dampened risk sentiment. Investors are reassessing the economic outlook and weighing potential risks tied to the Federal Reserve's next interest rate moves.
Yields on the 10-year Treasury note surged 9 basis points to 4.18%, reaching their highest level since late July. Meanwhile, 30-year Treasury bond yields climbed to 4.5%. The spike in yields pushed the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) down by 1.4%, reflecting renewed pressure on long-duration bonds.
A gauge of the greenback, as tracked by Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), rose 0.5%.
On Monday, Dallas Fed President Lorie Logan hinted that gradual rate cuts are on the cards if the economy meets forecasts. Market-implied expectations for a 25-basis-point rate cut in November dipped slightly from 90% to 85%, according to CME FedWatch.
The CBOE Volatility Index (VIX), commonly known as Wall Street's "fear gauge," jumped 5% on Monday, marking its largest surge in two weeks.
The S&P 500 traded 0.5% lower at midday trading in New York, with all its 11 sectors in the red. The Dow Jones Industrial Average shed 0.9%, while the Russell 2000, which tracks small-cap stocks, tumbled 1.7%. Technology stocks experienced minor losses.
Despite the negative session, NVIDIA Corp. (NASDAQ:NVDA) gained over 2%, hitting $141.80 per share and notching fresh all-time highs.
In commodities, gold took a breather after four consecutive sessions of gains, while oil prices rebounded 1.6%, driven by renewed supply concerns. Bitcoin (CRYPTO: BTC) fell sharply, losing 2.8%.
Monday's Performance In Major U.S. Indices, ETFs
Major Indices
Price
1-day %chg
Nasdaq 100
20,290.48
-0.2%
S&P 500
5,840.64
-0.4%
Dow Jones
42,904.60
-0.9%
Russell 2000
2,237.90
-1.6%
Updated at 12:55 p.m. ET
According to Benzinga Pro data:
The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.3% to $582.24.
The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.7% to $429.46.
The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) eased 0.2% to $493.66.
The iShares Russell 2000 ETF (NYSE:IWM) dipped to $222.12.
The Communication ServicesSelect Sector SPDR Fund (NYSE:XLC) outperformed, up 0.9%. The EnergySelect Sector SPDR Fund (NYSE:XLE) lagged, down 0.6%.
Monday's Stock Movers
Boeing Co. (NYSE:BA) surged over 3% after the company reached a preliminary agreement with its employees to end a five-week strike. Adding to the momentum, Emirates SkyCargo placed an order for five additional Boeing 777 freighters.
Kenvue Inc. (NYSE:KVUE) shares jumped 6.5% following reports that activist investor Starboard Value has acquired a substantial stake in the company.
Cigna Group (NYSE:CI) extended its losses on Monday, falling nearly 5% after a 5% decline on Friday, as investors continued to react negatively to reports of a potential merger with Humana Inc (NYSE:HUM). Oppenheimer analysts weighed in on the situation, recommending that Cigna remain independent amid skepticism about the merger's strategic value and regulatory feasibility.
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On Monday, Dallas Fed President 
月曜日、ダラス連邦準備制度銀行総裁ロリー・ローガンは、経済が予測に適合すれば段階的な利下げが予定されていることをほのめかしました。11月の25ベーシスポイントの金利引き下げへの市場の予想は、CME FedWatchによると90%から85%にわずかに下落しました。