Wall Street started the first full week of February with sharp losses across the board, as the bond yield market in the U.S. soared amid concerns about the Fed's timing of interest rate cuts. As 'higher for longer' rhetoric builds, the Dow shed more than 270 points, with McDonald's post-earnings bear gap also weighing on the blue-chip index today. Despite the S&P 500 and tech-heavy Nasdaq also finishing firmly in the red, the Cboe Volatility Index (VIX) logged its third-straight loss.

OIL PRICES BOUNCE BACK AFTER FRIDAY'S FALL

Oil futures were higher Monday, buoyed by supply risks following U.S. and U.K.-led retaliation strikes against Iran-backed militants. For the session, March-dated West Texas Intermediate Crude (WTI) rose 50 cents, or 1.1%, to finish at $72.78 per barrel.

A stronger U.S. dollar and volatile bond yield market put pressure on gold prices. April-dated gold erased $10.80, or 0.5%, to settle at $2,042.90 for the session.

More By This Author:

Dow Plummets on Rising Bond Yields, MCD Earnings
Wall Street Walks Away With Another Weekly Win
Stocks Choppy As Earnings, Yields Face Off