Wall Street fell on Monday, as a spike in Treasury yields last week continued to spook investors.
The S&P 500 fell 5 points or 0.21% to 2,879.61 as of 9:38 AM ET (13:38 GMT), while the Dow decreased 107 points, or 0.41%, to 26,339.69 and the tech-heavy Nasdaq Composite was down 42 points, or 0.55% to 7,745.45.
U.S. bond markets are closed for Columbus Day but stock markets are open. Still, trading volumes were expected to be thin, with most banks and federal agencies closed for the holiday.
A rise in bond yields and upbeat data on Friday still weighed on investors. The United States 10-Year note reached its highest level seen since 2011 on Friday after an upbeat jobs report increased expectations of a Federal Reserve rate increase in December.
General Electric (NYSE:GE) was among the top gainers after the morning bell, rising 2.88% while medical marijuana company Canopy Growth Corp (NYSE:CGC) increased 1.43% and Ford Motor Co.pany (NYSE:F) inched up 0.11%.
Elsewhere Amazon.com (NASDAQ:AMZN) dipped 1.37% while Apple (NASDAQ:AAPL) was down 0.95% and Facebook (NASDAQ:FB) slumped 1.31%. Boeing (NYSE:BA) decreased 0.89% and Advanced Micro Devices Inc (NASDAQ:AMD) slumped 1.44%.
In Europe stocks were down. Germany’s DAX slumped 121 points, or 1.00%,while in France the CAC 40 decreased 64 points, or 1.20%, and in London the FTSE 100 was down 63 points, or 0.87%. Meanwhile the pan-European EURO STOXX 50 lost 29 points, or 0.89%, while Spain’s IBEX 35 fell 59 points, or 0.64%.
In commodities, Gold futures slumped 1.34% to $1,189.50 a troy ounce while crude oil futures dipped 0.86% to $73.70 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rallied 0.30% to 95.60.
