Stocks fell on Monday as tech shares declined, while investors fretted over higher interest rates. Wall Street also zeroed in on the busiest week of the earnings season.
The Dow Jones industrial average closed 14.25 points lower at 24,448.69 — notching its first four-day losing streak since March — with Goldman Sachs as the worst-performing stock in the index.
The Nasdaq composite pulled back 0.3 percent to close at 7,128.60, its third straight decline, as Facebook, Amazon, Netflix and Alphabet all closed lower. The S&P 500 closed flat at 2,670.29 as a 0.4 percent decline in tech offset a 1.1 percent gain in telecommunications.
The 10-year Treasury note yield hit a high of 2.99 percent, threatening to reach 3 percent. The benchmark rate last traded at 3 percent or higher in January 2014. Investors have been selling Treasurys this month — pushing yields higher — amid expectations of rising inflation, which could prompt the Federal Reserve to tighten monetary policy at a faster pace.
"Any time there are inflation concerns, that's going to spook the market," said Mark Esposito, CEO of Esposito Securities. "If the 10-year goes over 3 percent, that could be a catalyst for the market" to go lower.