Database Firm Drops 18.5% as CEO Departs for Meta Job

Yields in the US bond market reached their highest levels in roughly two decades on Monday and knocked US stocks further from their record highs.

• The S&P 500 fell 59.72 points, or 0.8%, to 7,683.69.
• The Dow Jones Industrial Average fell 347.11 points, or 0.7%, to 51,481.51.
• The Nasdaq composite fell 248.34 points, or 0.9%, to 26,820.38.

The yield on the 10-year Treasury jumped to 5.23% and touched its highest level since 2007 following the latest swings for oil prices, the AP reports. The 30-year Treasury yield, which leaped to 5.57% from 5.49%, is back to where it was in 2004.

The latest moves for oil prices came after President Trump said over the weekend he's rejecting an offer from Iran to reopen the Strait of Hormuz and resume talks on its nuclear program. "I'd like to make a deal, too," Trump said Saturday. "But that deal would not be acceptable." The price for Brent crude in the most actively traded part of the oil market briefly climbed above $101 per barrel Monday morning, but it pared its gains as US officials said mediators were still working with Iran and the United States on a deal to end the fighting and open the strait. It settled at $97.83, up 0.4%.

On Wall Street, stocks of airlines and other companies with big fuel bills sank because of the rise in oil prices. American Airlines fell 2.5%, and United Airlines lost 2.2%. Boeing fell 6.9% after the FAA delayed certification of the 737 MAX 10 due to a software issue, CNBC reports. Gold miners were also weak after the price of gold sank 3.5%. Gold has a reputation for helping to protect its investors from high inflation, but its price tends to weaken when rising yields mean bonds are paying investors more in interest. Gold struggles to keep up because it pays its investors nothing. Newmont, the Denver-based mining giant, slid 4.1%.

One of Wall Street's bigger losses hit MongoDB, which dropped 18.5% after the database company said its CEO, Chirantan "CJ" Desai, is stepping down immediately to pursue a senior role at Meta Platforms.

• Such losses helped more than offset a 1.7% rise for Nvidia, Wall Street's most influential stock. The chip company said it approved a plan to send up to another $150 billion to its shareholders in a stock buyback plan, bringing the program's total remaining size to $235 billion. Nvidia has the power to do so after the frenzy around its chips used for artificial-intelligence technology helped it more than double the amount of cash on its books in the first half of its fiscal year. The company also on Monday unveiled a new security platform that the chipmaker said can stop artificial intelligence agents from going rogue.