The major averages accelerated their losses through out the day following a strong rally and reaction to the Fed Chairman’s comments at Jackson Hole last week. The Dow Jones Industrial Average fell 349 points, or 0.77%, to 45,282. The broad market S&P 500 fell 27 points or 0.43% to 6,439. The Nasdaq dropped 47 points or 0.22% to 21,449.29.

Treasury yields inched higher as investors continue to digest Federal Reserve Chair Jerome Powell’s speech last Friday. Later this week we will have more inflation data. The 10-year Treasury yield rose more than 2 basis points to 4.28%. The 2-year yield rose 4 basis points to 3.73%.

The only strength in the markets today was in the tech space. Large caps like Google, Tesla, Netflix and Nvidia were higher. Nvidia is working on a new more powerful chip for China while Intel rose Friday and today as the U.S. government has taken a 10% stake in the chipmaker.

That could be a sign of more to come from the Trump administration, as White House economic advisor Kevin Hassett said Monday that the stake is part of broader strategy to create a sovereign wealth fund.

In the commodity space, oil was higher on rising tensions in the Ukraine-Russia war. Gold was modestly higher while cryptocurrencies were lower after a big day on Friday.

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