Ticker: Bond yields crank higher and pull US stocks down

The day’s business news at a glance

Yields in the U.S. bond market again touched their highest levels in roughly two decades and knocked U.S. stocks further from their record high.

The S&P 500 fell 0.8% Monday. The Dow Jones Industrial Average dropped 0.7%, and the Nasdaq composite lost 0.9%. The yield on the 10-year Treasury briefly jumped above 5.27% and touched its highest level since 2007 following the latest swings for oil prices.

High airfares could stay even if jet fuel prices fall

Travelers could be stuck paying high airfares even if oil and jet fuel prices fall. Major U.S. airlines and analysts say fluctuating fuel costs make it hard to plan ahead.

Jet fuel prices have risen faster than oil, reflecting higher crude prices and tight supplies. That has led airlines to cut flights and raise fares. Airfares haven't moved in lockstep with fuel prices, partly due to timing. Airlines plan flights months in advance, and fares can't change for already sold seats.

Nvidia's board increases share buyback plan

Nvidia's board has cleared the way for the company to spend $150 billion more in share buybacks as the chipmaking giant looks to make use of more of its stellar revenue growth fueled by demand for its high-end artificial intelligence chips.

The Santa Clara, California, company said Monday the share buyback increase, which it touted as the largest ever, brings its stock repurchase program to $235 billion.

Trump announces new $15B Iowa steel plant

President Donald Trump has announced a new $15 billion steel plant will be built in Iowa with backing from an Indian conglomerate.

The Republican president says the project will create the largest steel plant in U.S. history. Trump made the announcement Monday alongside steel industry executives and Iowa Republicans.

US firm pays out in Milanfor underpaying workers

An American company building the new U.S. Consulate in Milan has agreed to pay millions to compensate foreign workers who earned less than $2 an hour.

The nearly 31-million-euro settlement was signed by Milan prosecutors, the multinational Caddell, and the court-appointed administrator.

Newsom signs law to ban sales of some vapes

California Gov. Gavin Newsom has signed a law banning the sale of single-use, battery-powered vapes to combat plastic pollution.

The law targets disposable e-cigarettes containing tobacco, making it illegal to manufacture or import them starting January 1, 2027, with retail sales banned from January 1, 2028.

Trump disputes claim he offered weapons to China

President Donald Trump has disputed that he asked Chinese leader Xi Jinping if he wanted to buy weapons from the United States. That contradicts an account from the U.S. ambassador to China.

Trump on Monday acted confused when a reporter asked him about Ambassador David Perdue's remarks over the weekend. Trump suggested that his ambassador was confusing China with Taiwan but then said "maybe it's a good idea" to make such an offer to China.

Justice steps aside in major climate case

Supreme Court Justice Samuel Alito has recused himself from a major climate-change case.

Alito recused himself Monday after calls for him to step aside due to stock holdings in oil companies. The case is part of a series of lawsuits saying companies misled the public about fossil fuels' impact on climate change.