Stock Market Today: U.S. Stocks Reverse Lower on Concerns Over Israel-Iran Escalation and Soaring Treasury Yields

• U.S. stocks fell on Monday as investors worried about escalating Israel-Iran tensions.

• Risk aversion in the market on Monday sent 10-year Treasury yields to their highest level since 2024.

• March retail sales data jumped 0.71 TP3T, more than double the consensus estimate of 0.31 TP3T.

U.S. stocks reversed Monday morning's gains to close sharply lower as investors worried about a possible escalation in the Israel-Iran conflict.

Iran fired hundreds of missiles and drones at Israel, but Israel's defenses, backed by its allies, intercepted almost all of them.

"Iranian officials said the response was over, and the market hoped that the situation would be downgraded. However, it was by no means over, and the back-and-forth headlines continued throughout the day," said Michael Reinking, a market strategist at the New York Stock Exchange.

A source tells NBC News that an Israeli reprisal attack on Iran may be "imminent." Israel's allies have warned the country not to escalate the conflict further.

Separately, retail sales surged in March, up 0.71 TP3T, more than double the consensus estimate of 0.31 TP3T. The combination of solid retail sales data and risk aversion over the Israel-Iran conflict lifted the 10-year Treasury yield to its highest level in 2024 and its highest level since November.

Here's what the U.S. stock indexes were doing at the 4 p.m. close on Monday:

• Standard & Poor's 500indices::5061.82, down 1.2 per cent.

• Dow Jones Industrial Average37735.11 points, down 0.7% (-248 points)

• Nasdaq Resonanceindices15,885.02, down 1.8 percent

Here's what else happened today:

• If the Fed cuts interest rates too soon, the average U.S. home price could soar to a record $500,000 in 20%, experts say.

• Trump Media and Technology Group Bubbles shares plummet nearly 20% after SEC filing to sell millions of shares.

• Goldman Sachs announced its highest quarterly profit since 2021. Here's the industry breakdown.

• Over the weekend, an uncut dollar bill signed by Warren Buffett sold at auction for $20,740.

• Tesla shares fell 5% on Monday after the company kicked off a wave of layoffs of about 14,000 employees in response to weak demand for its electric cars.

Commodities, bonds and cryptocurrencies:

• West Texas resonance Intermediate crude fell 0.19% to $85.50 a barrel. International benchmark Brent crude fell 0.27% to $90.21 per barrel.

• Gold jumped 1.04% to $2,398.80 an ounce.

• The 10-year Treasury yield climbed nine basis points to 4.62%.

• Bitcoin fell 3.43% to $63,506.

Read the original article on Business Insider