Major U.S. equities indexes fell to kick off the trading week as Friday's strong jobs report tempered expectations for the progression of interest-rate cuts. Meanwhile, crude oil prices moved higher as global tensions remained high and Hurricane Milton gathered force in the Gulf of Mexico.

The S&P 500 fell 1% on Monday. The Dow was down 0.9%, while the Nasdaq dropped 1.2%.

The prospect of significant damage from Hurricane Milton, which is expected to reach Florida's Gulf Coast this week, weighed on insurance stocks. Shares of Everest Group (EG), which provides insurance and reinsurance policies, plunged 8.5%, the biggest drop of any S&P 500 stock. Shares of fellow Bermuda-based insurer and reinsurer Arch Capital Group (ACGL) lost 6.2%, while auto, lifestyle, and housing insurer Assurant (AIZ) was down 5.5%.

Shares of Texas-based power generator Vistra (VST) fell 5.2%. The downturn on Monday marked a reversal from a series of record highs posted by the stock last week amid optimism about the company's opportunity to provide nuclear-generated electricity to artificial intelligence data centers. Vistra stock remains the S&P 500's top performer in 2024, up more than 240% on the year.

Deckers Outdoor (DECK) shares sank 4.8% after Seaport Research downgraded the stock to "neutral" from "buy." Analysts said interest in the company's Ugg and Hoka footwear brands had softened during the recent back-to-school shopping season as competing brands took market share.

Shares of server and data storage provider Super Micro Computer (SMCI) skyrocketed 15.8%, notching Monday's top performance in the S&P 500. Supermicro reported strong deliveries of its graphics processing units, boosted by robust demand for artificial intelligence products. The company also launched new direct liquid cooling products for servers that could help AI companies lower their energy costs.

Air Products and Chemicals (APD) shares surged 9.5% amid reports that activist investor Mantle Ridge has accumulated a stake worth more than $1 billion in the industrial gas maker. The investment firm reportedly plans to push for a variety of changes at Air Products, including to its capital allocation strategy and succession plan.

Shares of Generac Holdings (GNRC), a maker home generators and other emergency power products, jumped 8.5% to reach a two-year high as Hurricane Milton approached the Southeastern U.S. The stock saw similar price boosts as the country braced for the impact of Hurricanes Helene and Beryl earlier this season.