Wall Street Slump Worsens Ahead of New Year Amid Elevated Yield Fears

Wall Street's main indexes plummeted on Monday, reaching their lowest levels in over a week as elevated Treasury yields overshadowed the typical year-end rally. All 11 S&P 500 sectors experienced declines, with consumer discretionary stocks leading the fall. Crypto stocks also dropped, tracking a slide in bitcoin prices.

Wall Street's main stock indexes opened markedly lower on Monday, falling to their lowest values in over a week. Sparse trading volumes and high Treasury yields overshadowed the year-end rally typically anticipated for equities, casting a cloud over the proceedings.

By 09:57 a.m. ET, the Dow Jones Industrial Average slid by 651.52 points at 1.52%, the S&P 500 declined by 89.52 points at 1.51%, and the Nasdaq Composite dropped by 326.47 points at 1.66%. All 11 sectors of the S&P 500 registered losses, with consumer discretionary leading the declines.

Crypto stocks followed bitcoin's downward trend, further impacting the market sentiment. Thin volumes are expected to persist ahead of the New Year's holiday, potentially limiting trading activity until January 6.

(With inputs from agencies.)