Nasdaq drops 2% as tech shares are slammed on higher rate fears, Dow falls 400 points; European markets close lower as investors watch inflation, monetary policy; SocGen up 5% 
Stocks fell on Monday as investors grew increasingly concerned a three-year high in the benchmark U.S. interest rate would start to slow the economy. 
The 10-year Treasury yield jumped above 2.79% on Monday, levels not seen since January 2019, as the Federal Reserve braces investors for tighter monetary policy ahead. 
The tech-heavy Nasdaq Composite dropped 2.18% to 13,411.96, with losses growing deeper in the final hour of trading as growth stocks take the biggest hit from higher rates. The Dow Jones Industrial Average lost 412.05 points, or 1.2%. The S&P 500 slipped 1.7% following a losing week last week. 
Concerns over higher interest rates have spurred investors to drop more risky assets, such as tech stocks that led losses on Monday. Microsoft declined 3.9%. Semiconductor stocks such as Nvidia and Advanced Micro Devices fell 5.2% and 3.6%, respectively. 
Oil prices dropped on Monday amid fears that Covid lockdowns in China would depress global demand. International benchmark Brent crude declined 3.7% to trade at $98.94 per barrel. Meanwhile, West Texas Intermediate crude futures dropped 3.5%, to trade at $94.83 per barrel. 
Meanwhile, AT&T surged 7.7% after spinning off WarnerMedia to merge with Discovery. JPMorgan analysts liked the decision, giving AT&T an overweight rating and saying the stock is now trading at a discount. 
Twitter’s stock was on the move after CEO Parag Agrawal revealed that Elon Musk abandoned his plan to join the company’s board. Shares for the social media company dropped more than 8% in the premarket, but had recovered to gain 1.7% in Monday trading. 

The pan-European Stoxx 600 closed down by 0.7%, with tech stocks sliding 2% to lead losses as most sectors and major bourses finished in negative territory. 
Societe Generale led broad gains for the European banking sector, climbing nearly 5% after agreeing to sell its stake in Russia’s Rosbank and the group’s Russian insurance subsidiaries to Interros Capital, ceasing all activities in Russia. 
At the bottom of the European blue-chip index, Finland’s Nokian Tyres dropped more than 15% after announcing that new EU sanctions against Russian rubber will have a significant impact on its production. 
Source: CNBC, Investing.com