A bond market rout was hitting rate-sensitive stocks especially hard on Monday.
The yield on the 2-year Treasury note was up to 4.034%. The 10-year yield was up to 4.185%. Bond prices move inversely with yields. Worries about the election and what a sweep by either party would mean for spending have sent yields higher.
The only major S&P 500 sector on the rise was technology, up 0.6%. But real estate was the biggest laggard with a 2% decline; none of the S&P stocks in that sector were rising on the day. That’s no surprise because the 10-year Treasury yield can act as a proxy for mortgage rates.
The S&P materials sector was down 0.9%, while utilities were down 0.5%. The consumer discretionary sector was down 1%. Financials were down 0.8%.
Overall, the Dow was down 374 points, or -0.9%. The S&P 500 was down 0.4%. The Nasdaq Composite slipped 0.1%.