Tech Stocks Plunge, Oil Breaches $100 Ahead of Fed Meeting

Technology stocks fell sharply Monday as investors worried about rising corporate spending costs. The sell-off pushed major indexes lower, with the Nasdaq dropping over 2% by midday. Adding to market jitters, oil prices surged past $100 a barrel for the first time in months. The jump reflected supply concerns and boosted energy shares, but weighed on transportation and consumer stocks. Meanwhile, Treasury yields climbed as traders positioned for the Federal Reserve's policy meeting next week. Higher yields often signal expectations of tighter monetary policy, which can pressure stock valuations. The combination of rising oil prices and higher borrowing costs has reignited fears about inflation and economic growth. Analysts say the Fed's decision next week will be crucial for market direction.