Monday saw a decline in US markets and a rise above 4% in the 10-year Treasury yield

A week of important inflation data and the start of earnings season preceded Monday's decline in US stocks and the 10-year Treasury yield (^TNX), which surged beyond 4% for the first time since August.
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The Dow Jones Industrial Average (^DJI) dropped 400 points, or 0.9%, following last week's closing stock market surge that set a new record high. Big Tech companies led the pair lower, with the S&P 500 (^GSPC) falling almost 1% and the Nasdaq Composite (^IXIC) falling nearly 1.2%.

Following a judge's decision to order Alphabet (GOOG, GOOGL) to allow more competition for Google Play, the company's app store, stocks plummeted to session lows in afternoon trading. Microsoft (MSFT) lost more than 1.5%, and Amazon (AMZN) plunged more than 3%. Heavyweight chip maker Nvidia (NVDA) was the the lone winner among the "Magnificent 7"

Monday saw a more than 3.5% increase in oil futures, marking the longest weekly increases in more than a year, as markets priced in the possibility that Israel will strike Iran's petroleum fields in retaliation for its previous attack.

The Gulf of Mexico hurricane Milton's escalation to Category 5 status contributed to the rise in crude prices. Meanwhile, insurance stocks plummeted as the storm raced near the coast of Florida.

See more about the implications of the Fed rate drop for credit cards, loans, bank accounts, and CDs.

Hopes for an outsized rate decrease from the Federal Reserve have melted away after a better-than-expected September jobs data dispelled fears about cracks in the labor market. The wagers made by traders last week on a The CME FedWatch Tool indicates that there is currently an 88% possibility of a 0.25% shift following the 0.50% rate drop in November.

Later this week, particularly on Thursday when important consumer inflation data is released, their convictions will be put to the test.




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