Stock market today: Dow, S&P 500, Nasdaq slip as investors rethink rate cut \nbets
US stocks slipped on Monday and the 10-year Treasury yield (^TNX) jumped past 4% for the first time since August ahead of a week of key inflation data and the start of earnings season.\n\nThe Dow Jones Industrial Average (^DJI) fell 0.9%, around 400 points, after notching a fresh record high as stocks soared to close last week. The S&P 500 (^GSPC) shed almost 1%, while the Nasdaq Composite (^IXIC) dropped nearly 1.2% as Big Tech names led the pair lower.\n\nStocks veered to session lows in afternoon trading after a judge ordered Alphabet (GOOG, GOOGL) to open up Google\\'s app store
business, Google Play, to more competition. Amazon (AMZN) fell over 3%, while Microsoft (MSFT) lost over 1.5%. Chip heavyweight Nvidia (NVDA) was the only gainer among the "Magnificent 7" members.\n\nOil futures jumped more than 3.5% on Monday, extending their biggest weekly gains in over a year as traders price in whether Israel\\'s expected response to Iran\\'s recent attack will involve targeting the country\\'s petroleum fields.\n\nHurricane Milton\\'s upgrade to Category 5 status off the Gulf of Mexico also helped fuel higher crude prices. Meanwhile, insurance stocks fell as the storm headed toward the coast of Florida.\n\nRead more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards\n\nHopes for an outsized rate cut from the Federal Reserve have melted away after a better-than-expected September jobs report dispelled concerns about cracks in the labor market. Traders have abandoned last week\\'s bets on a 0.50% rate cut in November and now see an 88% chance of a 0.25% move, according to the CME FedWatch Tool.\n\nThose convictions will be tested later this week, primarily with key consumer inflation data coming on Thursday.
