U.S. stocks moved to the downside on Monday, with the Nasdaq falling 278.67 points or 1.1 percent to 26,239.26 and the S&P 500 dropping 26.48 points or 0.4 percent to 7,474.10, while the Dow rose 145.58 points or 0.3 percent to 51,710.28. The decline was driven by weakness in technology and retail stocks, as SpaceX shares plunged 8.6 percent and the Dow Jones U.S. Retail Index tumbled 2.3 percent to its lowest level in over two months. An increase in Treasury yields, with the two-year note reaching its highest levels in over a year and the ten-year yield up 4.2 basis points to 4.493 percent, weighed on tech shares amid concerns that accelerating inflation from President Donald Trump's war with Iran could prompt the Federal Reserve to raise interest rates later this year. Gold stocks also fell sharply as the precious metal's price dropped, while banking, transportation, and pharmaceutical stocks performed strongly. Overseas, Japan's Nikkei 225 surged 1.6 percent, Hong Kong's Hang Seng slid 0.7 percent, and European markets were mixed with the German DAX up 0.6 percent and the French CAC 40 down 0.2 percent.
Space Exploration Technologies Corp. Class A Common StockRising Treasury yields and potential Fed rate hike due to inflation from Iran conflict weigh on tech stocks, including SpaceX.