The Dow Jones Industrial Average turned decidedly lower midday Monday as a tepid start for equity benchmarks saw a more deliberate downshift take hold. The Dow DJIA, -0.66% was last trading 210 points, or 0.8%, lower at 26,234. The S&P 500 index SPX, -0.62% was off 0.7%, at 2,864, while the Nasdaq Composite Index COMP, -1.26% was retreating by 1.5% at 7,673. A brisk rise in bond yields over the past several sessions has been widely viewed as the spark for a reassessment of as assets perceived as risky, like stocks, over the past several sessions. The bond market was closed in observance of Columbus Day, or Indigenous Peoples Day, however, the benchmark 10-year Treasury note TMUBMUSD10Y, +1.37% was at 3.23% on Friday, representing a seven-year high for the government debt instrument. Bond prices fall as yields rise.
Have breaking news sent to your inbox. Subscribe to MarketWatch’s free Bulletin emails. Sign up here.