Stocks face pressure, though Nvidia rises on buyback news. The yield on benchmark 10-year notes settled at 5.241%, a fresh 19-year high, up from 5.18% Friday. The number to watch is 5.303%. The 10-year yield hit that level on June 12, 2007—also at a time of high interest rates and rising oil prices. If the yield climbs above that level, it would be the highest since May 2002.

Oil prices have been volatile as traders react to conflicting headlines about the state of U.S.-Iran negotiations. Brent crude futures, the international benchmark for oil, closed at $105.28 a barrel, up 0.9%. One sign supplies are running low: The front-month contract trades substantially higher than the December contract.

U.S. stocks are off to a negative start. The Dow industrials dropped 0.7%, while the Nasdaq composite retreated 0.9% and the S&P 500 lost 0.8%. A record $150 billion boost to Nvidia’s buyback program aided shares, which rose 1.5%, but it failed to lift investors’ spirits generally. Boeing fell more than 6% after a Wall Street Journal article said Boeing had identified a 737 MAX software glitch.

In the early days of President Trump’s second term, his economic advisers laid out a simple theory: Show the bond market that Washington was serious about closing its deficits, and long-term interest rates would fall. It hasn’t worked out that way.