Stocks Sag by Noon

U.S. stocks turned lower Monday as Treasury jumped, paring gains from earlier in the day as U.S. Treasury yields reversed and climbed higher.

The Dow Jones Industrials gathered 24.37 points to move into the afternoon hours Monday at 36,124.68.

The S&P 500 dropped 3.14 points to 4,679.71.

The NASDAQ Composite ditched 52.36 points to 15,808.60.

Tesla shares fell 4.5% Monday following a weekend Twitter exchange between CEO Elon Musk and Sen. Bernie Sanders, in which Musk suggested he’d be willing to sell even more of his shares. Musk sold nearly $7 billion worth of Tesla stock last week.

However, shares of NASDAQ member Dollar Tree jumped 13% following a report Friday that activist investor Mantle Ridge has taken a stake worth at least $1.8 billion in the discount store chain and will push it to do more to add to shareholder value.

Dow component Boeing rose 5% following news that Saudi Arabian Airlines is in talks with Airbus and Boeing for a wide-body jet order. At the same time, Emirates announced an order for two Boeing 777 Freighters at the 2021 Dubai Airshow.

On Monday, President Joe Biden will host a bipartisan bill signing ceremony for the Infrastructure Investment and Jobs Act.

Prices for 10-year Treasurys lost ground Friday, raising yields to 1.62%, from 1.57% on Friday. Treasury prices and yields move in opposite directions.

Oil prices fell 85 cents to $79.94 U.S. a barrel.

Gold prices slid $2.60 to $1,863.10 U.S. an ounce.