US stocks continue to sell off as the 10-year yield stays above 3%

• US stocks fell again on Monday as the 10-year Treasury retreated but stayed above 3%.
• The Nasdaq led the market lower as tech stocks like Meta Platforms, Amazon, Netflix, and Apple all fell more than 2%.

US stocks continued last week's sell-off and traded in the red Monday, with each of the three major indexes down more than 1%.

The Nasdaq led the market lower as technology names like Meta Platforms, Amazon, Netflix, and Apple were all down more than 2%. The 10-year Treasury yield reversed earlier gains but stayed above 3%.

Friday's US jobs data reinforced expectations the Federal Reserve will aggressively hike rates, and the dollar notched its highest mark since 2002.

Here's where US indexes stood as the market opened 9:30 a.m. on Monday:

• S&P 500: 4,062.35, down 1.48%

• Dow Jones Industrial Average: 32,471.77, down 1.30% (427.60 points)

• Nasdaq Composite: 11,951.47, down 1.59%

Rivian plunged 19% Monday, as Ford and other early investors sell millions of shares as the EV-maker's lock-up period expires.

Overseas, the European Union's security chief told the Financial Times that the bloc should consider seizing Russia's frozen assets to pay for the reconstruction of Ukraine. The statement comes as the EU ditches its ban on EU-owned tankers that ship Russian crude to third countries.

Meanwhile, the Russian government could still default on its foreign bonds within weeks because a key US Treasury rule, which has allowed payments to process, is set to expire this month. If the Treasury doesn't extend the exemption, Russia will face great difficulty getting its payments to bondholders.

Oil slipped, with West Texas Intermediate down 1.71% to $107.87 a barrel. Brent crude, the international benchmark, moved lower 1.56% to $110.64 a barrel.

Gold edged lower 0.78% to $1,868.20 per ounce. The 10-year yield dipped less than 1 basis point to 3.12%.

Bitcoin moved lower 5.18% to $32.772.95.