Dow slides 330 pts as oil and yields climb, Nvidia jumps on record $150B buyback

• Oil surged over 2% after President Trump rejected Iran's proposal to reopen the Strait of Hormuz, with Brent crude at $106.79 and WTI at $94.40 per barrel
• Nvidia's $150 billion buyback brings total remaining authorization to $235 billion through fiscal 2028, the largest in history, signaling strong cash generation
• MongoDB's CEO Chirantan Desai left immediately for a senior Meta role, triggering a 25.6% stock drop despite reaffirmed guidance and an interim CEO appointment

Market Summary: Dow Slides on Oil and Yield Pressure; Nvidia Surges on Record Buyback

Key Market Movements

The Dow Jones Industrial Average declined 336 points to 51,492.19 on Monday, pressured by rising oil prices and Treasury yields. The S&P 500 fell 0.50% to 7,704.53, while the Nasdaq Composite dropped 0.51% to 26,931.86. The VIX volatility index jumped 8.68% to 16.16.

Oil and Yields Drive Weakness

Oil prices surged over 2% after President Trump rejected Iran's proposal to reopen the Strait of Hormuz. Brent crude reached $106.79 per barrel, while WTI climbed to $94.40. The 10-year Treasury yield traded above 5.2% and the 30-year above 5.5%, approaching multiyear highs. Investors face critical inflation and jobs data this week that could influence potential Fed rate hike decisions in October.

Nvidia Announces Historic Buyback

Nvidia bucked the broader market decline, rising 3% after authorizing a record $150 billion share repurchase program, bringing total remaining authorization to $235 billion through fiscal 2028. The company also launched OpenShell and Sentry tools designed to maintain AI agent safety controls.

MongoDB Plunges on Executive Departure

MongoDB shares plummeted 25.63% to $305.26 after CEO Chirantan "CJ" Desai resigned effective immediately to join Meta Platforms as chief enterprise platform officer. Former CEO Dev Ittycheria returns as interim leader while the company reaffirmed fiscal 2027 guidance ahead of Tuesday's investor day.

AI Sector Weakness

AI-related stocks declined broadly after OpenAI paused training of its latest models due to unexpected agent behavior. Microsoft fell 2.37%, Intel dropped 3.18%, Micron slid 1.55%, and AMD declined 1.52%.