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US stocks erased earlier gains as bond yields rose and investors focused on the fallout of Iran's attack on Israel and the continuation of corporate earnings season.

The S&P 500 (^GSPC) slid more than 1% as losses accelerated into the afternoon, while the Dow Jones Industrial Average (^DJI) lost 0.6%. The tech-heavy Nasdaq Composite (^IXIC) fell over 1.5% after opening the session higher.

The 10-year Treasury yield (^TNX) rose to 2024 highs, last sitting around 4.64%, as traders have scaled back bets on the depth of Fed interest rate cuts this year.

Data released on Monday showed retail sales in March rose 0.7% from the prior month. The reading topped economist expectations for a rise of 0.4%, signaling consumers continued to spend despite a higher interest-rate environment.

Stocks have come under pressure in recent days as earnings season got off to a lackluster start and concerns persisted that inflation cooling to the Federal Reserve's 2% target has stalled.

Earlier in the session, investors shrugged off initial concerns of a full-blown war in the Middle East after Iran's direct missile and drone strike on Israel on Saturday. Efforts by the US to encourage Israel not to retaliate appeared to help settle nerves, in part because the well-telegraphed attack allowed damage to be contained.

Oil prices fell on Monday after rising ahead of Iran's airstrike. West Texas Intermediate crude futures (CL=F) were trading around $85 a barrel, while Brent futures (BZ=F) slipped toward the $89 mark.

Goldman Sachs (GS) highlighted the corporate earnings docket Monday, getting big banks back on track. Shares for the Wall Street lender added as much as 5% after first quarter profit jumped to beat estimates.

Meanwhile, Tesla (TSLA) shares fell over 4.5% after the electric vehicle maker reduced staff amid a broader EV growth slowdown.

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