Nasdaq drops 2% as tech shares are slammed on higher rate fears, Dow falls 400

(CNBC) — 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.