The S&P 500 and Nasdaq have both felt pressure as shares of major tech companies came under pressure Monday. Investors continue to keep a close eye on rising Treasury yields, which heighten worries about valuations, particularly for some of the market's most highly valued names.

US stocks soared as traders cheered encouraging inflation data, while the 10-year Treasury plunged 13 basis points.

US stocks jumped at the open after consumer price data showed inflation continues to slow. Strong bank earnings also helped lift sentiment.