Bond market cranks up pressure; most of Wall Street slips

NEW YORK (AP) -- Stocks mostly slipped in mixed trading Monday as the constrictor of higher interest rates tightened its coils around Wall Street.

The S&P 500 edged up by 0.34, or less than 0.1 percent, to 4,288.39, coming off its worst month of the year. The Dow Jones Industrial Average dropped 74.15 points, or 0.2 percent, to 33,433.35, and the Nasdaq composite rose 88.45, or 0.7 percent, to 13,307.77.

Slumps for oil-and-gas stocks weighed on the market after crude prices gave back some of the sharp gains made since the summer. The majority of stocks fell alongside them, with more than three quarters of those within the S&P 500 sinking, but gains for Apple and other influential Big Tech stocks helped support indexes.

Stocks have broadly given back 40 percent of their strong gains for the year since the end of July. The main reason is Wall Street's growing acceptance that high interest rates are here to stay a while as the Federal Reserve tries to knock high inflation lower. That in turn has pushed Treasury yields to their highest levels in more than a decade.

The yield on the 10-year Treasury climbed again Monday, up to 4.67 percent from 4.58 percent late Friday, and is near its highest level since 2007. High yields send investors toward bonds that are paying much more than in the past, which pulls dollars away from stocks and undercuts their prices.