U.S. Treasury Yields Hit Multi-Year Highs as Iran Tensions Weigh on Wall Street

U.S. Treasury yields rose to multi-year highs amid ongoing U.S.-Iran tensions, dragging all three major New York stock indexes lower on Monday. The Dow Jones Industrial Average fell 347.11 points (0.67%) to 51,481.51, the S&P 500 dropped 0.77% to 7,683.69, and the Nasdaq declined 0.92% to 26,820.38. The 10-year Treasury yield hit 5.241%, its highest since June 2007, after the U.S. rejected Iran's seven-day plan. Oil prices initially surged over 4% on supply concerns but pared gains on dialogue hopes. Nvidia rose 1.68% on a record $150 billion buyback, while Tesla fell 3.94% and Boeing plunged 6.91%. Markets now price a 70.3% chance of a Fed rate hike in October.