• The benchmark 10-year Treasury yield rose 6.8 basis points to 3.193%
US stocks posted major losses on Monday, with the major benchmark indices erasing any gains made via the rebound activity, last week.
The Dow Jones Industrial Average fell 62.42 points, or 0.2%, to 31,438.26. The S&P 500 dropped 0.3% to 3,900.11, and the Nasdaq Composite lost 0.7%, falling to 11,524.55.
The yield on the benchmark 10-year Treasury note rose 6.8 basis points to 3.193%.
Investors are struggling to find a balance between recession and inflation fears. Stocks struggled to hang on to opening gains even after data showed U.S. durable-goods orders rose by 0.7% in May, versus forecasts for a 0.2% raise, and pending home sales rebounded last month.
Market movers
Shares of Robinhood (NASDAQ: HOOD) soared 14% on Monday after reports that cryptocurrency exchange FTX was considering acquiring the trading app, surfaced.
Shares of BioNTech (NASDAQ: BNTX) climbed 7.2% after the drug maker said its Omicron-based Covid-19 booster generates an improved immune response against that variant.
Shares of Spirit Airlines (NYSE: SAVE) fell nearly 8% after the company said it would accept the latest takeover bid from Frontier Group.
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