Global markets slide as oil jumps and bond yields hit multi-year highs

Global markets were rattled on Monday as stocks declined, oil prices surged, and bond yields hit multi-year highs, driven by persistent geopolitical tensions. The S&P 500 fell 0.5% and the Nasdaq dropped 0.6%, while Brent crude oil rallied 3% to nearly $108 per barrel. The oil price jump followed President Donald Trump's rejection of an Iranian proposal to reopen the Strait of Hormuz, with a brief pause in the rally after reports of separate mediator talks with U.S. and Iranian officials. Meanwhile, the 10-year U.S. Treasury yield climbed to 5.27%, its highest since 2007, and the 30-year yield reached levels not seen since 2004. Analysts expressed concern that rapidly rising interest rates could exacerbate global deficits, though stocks have remained resilient partly because financial conditions have changed little since January. The S&P 500's 12% gain this year is driven mainly by technology and energy sectors, with upcoming Federal Reserve meetings adding further uncertainty.