Negative Macro Economic Data Drag Wall Street Lower

US stocks and oil prices declined in choppy trading on Monday, even as the dollar and Treasury yields rose, as Wall Street digested a raft of what it read as negative macroeconomic news.

With markets already jittery from central bank signals of additional interest rate hikes, U.K. government fiscal plans released Friday continued to roil markets. Sterling slumped to a record low on Monday and a renewed selloff in British gilts pushed euro zone bond yields higher.

US stocks were mixed to start the week but soon turned lower by midday Monday. The Dow Jones Industrial Average (.DJI) and the S&P 500 (.SPX) both fell nearly 1%, while the Nasdaq Composite (.IXIC) declined by about 0.2%.

Global equities also fell on concerns about high interest rates continued to put pressure on the financial system, although reaction to Italy’s election result, where a right-wing alliance won a clear majority, was muted.

Europe’s STOXX 600 index (.STOXX) slipped to hit a new low since December 2020, last down 0.4% on the day. Asian stocks (.MIAPJ0000PUS) fell 1.7%.