US stocks declined on Monday, with the Dow Jones Industrial Average falling 0.9%, around 400 points, while the S&P 500 and Nasdaq Composite dropped almost 1% and 1.2%, respectively.

The 10-year Treasury yield rose above 4% for the first time since August, ahead of important inflation data and the start of earnings season.

The decline was exacerbated by a judge’s order for Alphabet to open its app store to more competition, impacting major tech stocks like Amazon and Microsoft.

In contrast, Nvidia was the only gainer among the “Magnificent 7.”

In the oil market, prices surged over 3.5%, driven by geopolitical tensions and Hurricane Milton’s Category 5 upgrade.

Expectations for a significant rate cut from the Federal Reserve have diminished following a strong September jobs report, with traders now anticipating a 0.25% cut in November, Yahoo Finance has reported.

Key consumer inflation data set to release on Thursday will further influence market sentiment.

Written by Emily Begley