Stocks fell on Monday, with technology stocks under more pressure as investors weighed the risks that higher inflation during the pandemic recovery might drag on high-growth names.
The Dow erased earlier gains to end lower, after the index set an intraday record of more than 35,000 during the session. The Nasdaq sank by 2.6% for its worst day since March, and the S&P 500 also ended lower.
Treasury yields were slightly higher across the long end of the curve, with the benchmark 10-year yield hovering below 1.6%. West Texas Intermediate crude oil prices (CL=F) and gasoline futures (RB=F) gained after the Colonial Pipeline, a top U.S. fuel pipeline operator, temporarily cut off its fuel lines after a cyberattack.
Elsewhere, Ether (ETH-USD), the token built on the Ethereum blockchain, set an all-time high of more than $4,000 before paring advances, giving back some gains after a rally that doubled prices for the second-largest cryptocurrency since the beginning of April. Bitcoin (BTC-USD) prices fell, dipping below $56,000.