Dow drops 400 points, oil, yields rise.

Stocks struggled Monday as rising oil prices and higher Treasury yields weighed on market sentiment. The Dow Jones Industrial Average dropped 398.51 points, or 0.94%, ending at 41,954.24. The S&P 500 slid 0.96% to 5,695.94, and the Nasdaq Composite lost 1.18% to close at 17,923.90.

The benchmark 10-year Treasury yield rose more than 4 basis points to 4.02%. That marks the first time since August that the yield topped 4%. Oil prices also rose as tensions in the Middle East remain high. U.S. crude climbed more than 3% to settle above $77 per barrel.

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%. “You’re coming off a week that was saved by the jobs report on Friday,” said Art Hogan, chief market strategist at B. Riley Wealth. “Both those things probably have investors sort of looking at this and saying, ‘I wonder if this gets worse before it gets better,’ and we don’t think it will.”

Source: CNBC