10-year Treasury yield spikes | Energy, bank stocks pop | Key Fed departures

The bond market took center stage on Wall Street on Monday, as the 10-year Treasury yield spiked above 1.5% for the first time since June. 

VIEW IN BROWSER | SUBSCRIBE MON, SEP 27, 2021 EVENING BRIEF AS OF MON, SEP 27, 2021 • 04:55 ET DJIA 34869.37 +0.21% +71.37 S&P 500 4443.11 -0.28% -12.37 NASDAQ 14969.97 -0.52% -77.73   Most Active DOW NAME LAST CHG %CHG AAPL 145.37 -1.55 -1.05% MSFT 294.17 -5.18 -1.73% INTC 54.66 +0.44 +0.81% S&P 500 NAME LAST CHG %CHG AAPL 145.37 -1.55 -1.05% F 14.16 +0.38 +2.76% CCL 26.38 +0.94 +3.69% NASDAQ NAME LAST CHG %CHG AAPL 145.37 -1.55 -1.05% AMD 108.16 +2.36 +2.23% TSLA 791.36 +16.97 +2.19%   EDITOR'S NOTE The bond market took center stage on Wall Street on Monday, as the 10-year Treasury yield spiked above 1.5% for the first time since June.    The move continued a volatile stretch for the Treasury market, which has been bouncing around since the Federal Reserve signaled last week that a slowdown of its massive asset purchasing program is drawing closer.    "At first, the curve actually flattened on the back of the Fed announcement, which I found to be extraordinarily strange because, if anything, it was a bit more hawkish than expected. And then, in the days after the curve just radically steepened," said Max Gokhman, the chief investment officer at hedge fund AlphaTrAI. Whether bond yields will continue to climb remains to be seen. A major spike for Treasury yields earlier this year led to worries about the 10-year yield ripping above 2%, but the market calmed down over the summer. Gokhman said that the steepening may have already gone a bit too far, and the 10-year wasn't able to hold above 1.5% intraday on Monday.   If yields continue to march higher, it could lead to more days for stocks like Wall Street saw on Monday, with banks and energy stocks rising as tech names faltered.    "I think that period of rotation can be sustained here for the next few months. Probably taking some of the profits out of the technology stocks that have done so well and going into the energy and reopening trades," Anastasia Amoroso, chief investment strategist at iCapital Network, said on CNBC's "Halftime Report." Jesse Pound | CNBC Markets Reporter @jesserpound TOP NEWS  Dow rises, tech shares drag down broader market as 10-year Treasury yield tops 1.5% Dallas Fed President Kaplan to retire early on Oct. 8, citing trading disclosure 'distraction' Fed officials say they see a pullback in stimulus even with inflation cooling Energy stocks are becoming one of Wall Street's favorite plays for the fourth quarter Facebook says it's pausing effort to build Instagram for kids Boston Fed President Rosengren abruptly announces retirement 9 months earlier than planned Biden receives Covid booster shot live on camera Jeff Bezos doubles time with Blue Origin to focus more on his space company Uncertainty could plague stock market even if government avoids shutdown this week Wells Fargo pays $37 million to resolve Justice Department claims it defrauded currency customers   TOP VIDEO David Herro weighs in on the sectors he believes will deliver strong returns   CNBC PRO These are Barclays' best buy-the-dip candidates as market exits volatile September   SPECIAL REPORTS Free health insurance for jobless workers ends this week. What you need to know Remote workers may want to check their 2021 tax situation. It could be more complicated than it was last year   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS