Wall Street’s major indexes fell around 1% on Monday, driven by concerns over rising Treasury yields, potential impacts from the Middle East conflict on oil prices, and a shift in expectations for Federal Reserve interest rate cuts. A stronger-than-expected jobs report caused traders to scale back bets for a large rate cut in November, pushing U.S. Treasury yields higher, with the 10-year note exceeding 4%. Meanwhile, investors are also preparing for third-quarter earnings reports and the upcoming Consumer Price Index inflation data.

Sentiment was further dampened by a U.S. judge’s order for Google to revise its mobile-app business and negative analyst reports for Amazon and Apple, which drove tech stocks lower. The energy sector was the only gainer amid rising oil prices, while utilities and communications services lagged. In corporate news, Generac Holdings surged on demand expectations for backup generators ahead of Hurricane Milton, while Air Products and Pfizer saw notable gains due to activist investor interest.