Stock market today: US indexes reverse lower on worries of Israel-Iran escalation and spiking Treasury yields

• US stocks fell on Monday as investors worried about an escalation of the Israel-Iran conflict.
• The risk-off nature of Monday's market action sent the 10-Year Treasury yield to its highest level of 2024.
• March retail sales data surged 0.7%, more than double consensus estimates of 0.3%.

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US stocks reversed their Monday morning gains and finished the day considerably lower as investors worried about a potential escalation of the Israel-Iran conflict.

Iran fired hundreds of missiles and drones at Israel, but its defense system, in coordination with its allies, intercepted nearly all of the projectiles.

"Iranian officials have said that this concludes the response and markets are hoping that the situation will de-escalate from here. However, this situation is by no means over and the back-and-forth headlines have continued throughout the day," NYSE market strategist Michael Reinking said. 

A source told NBC News that a retaliatory attack by Israel against Iran could be "imminent." Allies of Israel have cautioned the country from further escalating the conflict.

Separately, retail sales surged in March, growing 0.7%, more than double consensus estimates of 0.3%. The combination of solid retail sales data and the risk-off nature of the Israel-Iran conflict sent the 10-year Treasury yield to its highest level of 2024 and its highest level since November. 

Here's where US indexes stood at the 4 p.m. closing bell on Monday: 

• S&P 500: 5,061.82, down 1.2% 
• Dow Jones Industrial Average: 37,735.11, down 0.7% (-248 points)
• Nasdaq Composite: 15,885.02, down 1.8%

Here's what else happened today: 

• The average US home price could spike 20% to a record $500,000 if the Fed cuts interest rates too soon, expert says. 
• Shares of Trump Media and Technology Group plunged nearly 20% after the company filed with the SEC to sell millions of shares.
• Goldman Sachs reported its highest quarterly profit since 2021. Here's a break down of the results.
• A Warren Buffett-signed sheet of uncut dollar bills sold at auction for $20,740 over the weekend.
• Tesla stock fell 5% on Monday after the company initiated a wave of layoffs, reducing its workforce by about 14,000 employees as the company deals with weak EV demand. 

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil dropped 0.19% to $85.50 a barrel. Brent crude, the international benchmark, fell 0.27% to $90.21 a barrel. 
• Gold jumped 1.04% to $2,398.80 per ounce. 
• The 10-year Treasury yield climbed 9 basis points to 4.62%. 
• Bitcoin declined by 3.43% to $63,506.