The major U.S. stock indices closed lower, with selling accelerating into the afternoon as rising oil prices and higher Treasury yields weighed on investor sentiment. The declines came after the S&P 500 reached a record high last week, leaving the market vulnerable to some profit-taking.The closing levels show:Dow industrial average: -272.03 points or -0.51% at 53,465.36S&P 500: -40.37 points or -0.52% at 7,745.38Nasdaq Composite: -84.25 points or -0.32% at 26,644.91Nasdaq 100: -50.76 points or -0.17% at 29,995.38Russell 2000: -10.87 points or -0.35% at 3,057.53The S&P 500 and Dow were the weakest of the major indices, while the Nasdaq 100 held up relatively better. Helping to contribute to the declines was higher in crude oil. WTI climbed more than 2% as concerns surrounding the Strait of Hormuz and stalled U.S.-Iran negotiations kept supply risks front and center. The rise in oil helped energy shares outperform but also renewed concerns about inflation and interest rates. The S&P energy component rose by 0.87% and was the only S&P component that rose on the day. The communication services fell by -1.47% and consumer staples fell by -1.46%. Financials fell by -1.04%Chip and AI stocks controlled the notable winners with Sandisk continuing it run higher following the investor day last Thursday. Shares rose by an additional 8.88% today and are up 35% since that day:Sandisk (SNDK): +8.88%Credo Technology (CRDO): +8.87%Coherent (COHR): +7.79%Applied Materials (AMAT): +5.55%Marvell Technology (MRVL): +5.54%Lumentum (LITE): +4.62%Micron (MU): +4.13%Lam Research (LRCX): +3.45%SK Hynix (SKHY): +3.04%ASML (ASML): +2.12%Treasury yields moved higher as well, adding another layer of pressure on equities. The 10-year yield pushed up to 4.72% up 3.1 basis points, while the 30-year yield moved to 5.31%, up 4.8 basis points and to the highest level since June 2007 . Higher oil prices, along with today's stronger New York manufacturing data, contributed to the upward pressure on yields.Attention now turns toward the consumer, with a busy week of retail earnings ahead. Home Depot, Walmart, Target and Lowe's are among the major companies reporting, giving investors another look at consumer spending after Friday's weaker-than-expected U.S. retail sales report. Traders will also get the minutes from the Federal Reserve's July meeting on Wednesday.For now, Monday's decline represents another pullback from last week's record territory, with rising oil prices and Treasury yields providing the main headwinds while strength in AI and semiconductor shares helped limit the losses in the Nasdaq. This article was written by Greg Michalowski at investinglive.com.