US stocks fall as dollar and Treasury yields soar amid fallout from UK tax plan

• US stocks closed lower Monday as markets dim view of the UK's new budget plan weighed on markets.
• US bond yields soared with the 10-year up as much as 21 basis points.

US stocks ended Monday lower amid turmoil stemming from the reaction to the UK's new budget plan, which includes some of the steepest tax cuts in decades and has led to fears of worsening inflation and government budget shortfalls.

Britain spurred unrest in markets early in the day as the pound dipped to a record low against the US dollar. Investors are worried that a tax cut in the UK could add to already sticky inflation and increase the government's budget deficit, hampering Britain's recovery from current economic headwinds.

Tech stocks whipsawed, with the Nasdaq climbing in the afternoon before falling again as US bond yields surged. The 10-year Treasury yield soared as much as 21 basis points to over 3.9%.

Here's where US indexes stood as the market closed at 4:30 p.m on Monday:

• S&P 500: 3,655.04, down 1.03%
• Dow Jones Industrial Average: 29,260.81, down 1.11% (329.60 points)

• Nasdaq Composite: 10,802.92, down 0.6%

Here's what else is happening today:

• After recovering from early losses, the pound once again fell Monday following remarks from the Bank of England.
• Jeremy Siegel thinks the risk of the Fed missing the mark on inflation is less severe than the potential turmoil from interest rate hikes.
• Elsewhere, Russian crude oil destined for Asia climbed to a five week high while Iran exports fall below the Kremlin.

In commodities, bonds, and crypto:

• Oil fell, with West Texas Intermediate sinking 2.5% to $76.78. Brent crude, the international benchmark, declined 2.51% to $83.97.
• Gold ended 0.93% lower at $1,627.62 an ounce. The 10-year yield receded slightly from Monday's highs, jumping 18.3 basis points to 3.88%.
• Bitcoin fell 0.01% to $19,167.41.