Ten-year Treasury yields were hovering just shy of their highest since last May, and the 30-year yield was close to its highest since November 2023, as investors continued to show concern that President-elect Trump’s import tariff and immigration plans may revive inflationary pressures.

The tech-heavy Nasdaq Composite fell 1.58% while the S&P 500 lost 1.12%. The Dow Jones shed 333 points to end the day.

Wall Street pointed higher before the opening bell on Monday, taking back some of its post-Christmas losses as markets prepare to kick off the first full trading week of 2025. Futures for the S&P 500 rose 0.