U.S. yields drag Nasdaq, S&P 500; Disney supports Dow
The S&P 500 and the Nasdaq, two of Wall Street’s major indexes, closed negatively on Monday. The weak sessions were mainly from investors’ caution as a jump in U.S. Treasury yields and prospects of growing inflation brought in valuation concerns.
While both indexes closed their sessions weakly, the Dow Jones Industrial index recorded a 4% increase backed by shares of Walt Disney Co. The Dow tallied a 0.09% gain. The S&P 500 shed 0.77%, while the Nasdaq Composite traded 2.46% lower.
U.S. benchmark 10-year Treasury yields advanced 1.363%. 10-year yields have jumped about 26 basis points since the start of February, approaching their biggest month-on-month gain in three years. Moreover, analysts said that the decline in stocks was expected after a strong rally seen last year and in 2020.