U.S. stocks fell on Monday as a continuous rise in bond yields dented the appetite for risk assets, particularly growth technology stocks.
The Dow Jones Industrials did make headway, however, grabbing 19.32 points to 31,513.69.
The S&P 500 dropped 20.84 points to 3,885.87,
The NASDAQ Composite retreated 226.19 points, or 1.6%, to 13,648.27.
Tesla shares lost 3% following a 4% decline last week. Big Tech stocks came under pressure as Apple, Amazon, Microsoft, Netflix and Alphabet all traded at least 1% lower.
All eyes will be on Federal Reserve Chairman Jerome Powell, who delivers his semi-annual testimony on the economy before the Senate Banking Committee on Tuesday. His comments on rates and inflation could determine the market direction for the week.
On Monday, European Central Bank President Christine Lagarde said in a speech that the central bank is “closely monitoring the evolution of long-term nominal bond yields.” European sovereign bonds … Read the rest