04:28 PM EDT, 03/10/2025 (MT Newswires) -- US benchmark equity indexes closed sharply lower Monday as markets reacted to rising concerns regarding possible recession and heightened inflationary pressures.

The Nasdaq Composite fell 4% to 17,468.3, while the S&P 500 decreased 2.7% to 5,614.6. The Dow Jones Industrial Average was down 2.1% to 41,911.7. Energy and utilities sectors were the only gainers while technology had the steepest decline.

US Treasury yields were lower, with the 10-year rate losing about 7.2 basis points to 4.2% and the two-year rate off 9 basis points to 3.9%.

April West Texas Intermediate crude oil declined 1.6% to $65.99 a barrel Monday.

In economic news, short-term inflation expectations increased slightly while medium- and long-term expectations remained stable, according to February's survey of consumer expectations by the Federal Reserve Bank of New York.

"Households expressed more pessimism about their year-ahead financial situations in February, while unemployment, delinquency, and credit access expectations deteriorated notably," the bank added.

In company news, Enphase Energy ( ENPH ) was among the top performers on the S&P with shares up 2.7%. Thurman Rodgers, a director of the home energy solutions company, sold 100,000 shares for $6.1 million on Friday.

ServiceNow ( NOW ) agreed to buy AI startup Moveworks for $2.85 billion. The company's shares fell 7.9%.

DexCom ( DXCM ) shares fell 9.2%. The company said late Friday it received a notice from the US Food and Drug Administration regarding manufacturing and quality management non-conformities found during inspections at its Mesa, Arizona, and San Diego, California facilities.

Rocket (RKT) agreed to buy real-estate brokerage Redfin (RDFN) for $1.75 billion in stock. Rocket shares fell 15%, and Redfin surged 68%.

Tesla (TSLA), Palantir Technologies ( PLTR ) and Microchip Technology ( MCHP ) saw the biggest declines on S&P on Monday.

Gold fell 0.8% to $2,891.30 per troy ounce, while silver was down 1.3% to $32.38 per troy ounce.