Dow ends over 400 points lower Monday, technology stocks extend skid as bond yields climb

U.S. stock indexes closed sharply lower Monday, with technology and energy stocks leading the way down, as equities added to last week’s declines and Treasury yields marched higher. The Dow Jones Industrial Average DJIA, -1.19% shed about 412 points, or 1.2%, ending Monday near 34,309 and booking its worst daily percentage decline in more than a week. The S&P 500 index SPX, -1.69% closed 1.7% lower and the Nasdaq Composite Index COMP, -2.18% fell 2.2%. This followed a weekly slump of 3.9% for the tech-heavy Nasdaq, its worst performance since late January. Charles Evans, head of Federal Reserve’s regional bank in Chicago, said Monday that a 50 basis point rate hike in May could be “highly likely.” The yield on the 10-year Treasury TMUBUSD10Y rose to its highest level since Jan. 18, 2019, topping 2.779% Monday, according to Dow Jones Market Data.