This Week on Wall Street

Wall Street sold off to start the new week Monday, with Treasury yields surging to a fresh multi-decade high after President Trump rebuffed a new Iranian proposal to reopen the Strait of Hormuz. The S&P 500 fell 0.8% to 7,683.69, the Nasdaq Composite dropped 0.9% to 26,820.38, and the Dow Jones tumbled 347 points (0.7%) to 51,481.51, snapping Friday's broad-based weekly gains. Boeing led the Dow's losses, sinking nearly 7% after the FAA delayed 737 MAX 10 certification over a software glitch, dragging Communication Services and Consumer Discretionary to the bottom of the sector leaderboard, while defensive Consumer Staples and Health Care were the lone bright spots. The 10-year Treasury yield pushed as high as 5.27%, its highest since 2007, even as WTI crude eased to about $93.16 a barrel and gold slipped to roughly $4,123 on profit-taking after last week's surge. The CNN Fear & Greed Index ticked up to 37 (Fear) from 34 a week earlier, still cautious as traders brace for a data-heavy week. Attention now turns to Tuesday's JOLTS report and consumer confidence, Wednesday's PCE inflation gauge, and Nike's earnings Thursday after the close.