Dow drops more than 300 points, weighed down by rising oil prices and Treasury yields

Stocks fell Monday, weighed down by a jump in oil prices and Treasury yields to start the week.

The Dow Jones Industrial Average dropped 384 points, or 0.7%. The S&P 500 slid 0.8%, while the Nasdaq Composite fell 1%.

Brent crude traded more than 2% higher at $106.79 per barrel. West Texas Intermediate futures gained around 2% as well to $94.40, after President Donald Trump rejected conditions for a ceasefire presented by Iran.

Treasury yields build on last week’s sharp moves. The benchmark 10-year Treasury note yield traded above 5.2%. The 30-year bond yield topped 5.5%. Both traded around multiyear highs.

Several AI stocks led the major indexes lower on Monday. Chip stocks such as Advanced Micro Devices and Micron Technology traded down about 5% and 4% on the day, respectively. Amazon also edged down 1%, while Microsoft dipped 2% over the same period. Meta shed nearly 4%.