US Treasury yields reach 19-year high amid Hormuz uncertainty

U.S. 10-year Treasury yields briefly topped 5.27% on Monday before pulling back to 5.23%, matching 2007 levels from before the financial crisis. The 30-year yield rose to 5.55% from 5.49%, its highest since 2004. The S&P 500 fell 0.8%, or 59.72 points, to 7,683.69. The Dow Jones dropped 347.11 points to 51,481.51, and the Nasdaq composite sank 248.34 points to 26,820.38. Iran proposed reopening the Strait of Hormuz and resuming nuclear talks. President Donald Trump rejected that proposal over the weekend. He said, "I'd like to make a deal, too," and "But that deal would not be acceptable." Brent crude briefly topped $101 a barrel and settled at $97.83, up 0.4%, versus about $72 before the United States and Israel attacked Iran in late February. AAA put average U.S. gasoline near $4.48 a gallon, up from $3.13 a year ago. American Airlines fell 2.5% and United Airlines 2.2%. Gold sank 3.5%; Newmont slid 4.4%. MongoDB dropped after CEO Chirantan Desai left for Meta Platforms. The United States and Iran held separate talks with mediators on Tuesday. South Korea's Bank of Korea held a market situation review chaired by Deputy Governor Kwon Min-soo.