- US stocks traded mixed as investors digested the latest moves in the Treasury market.
- After surging above 5% early Monday, the 10-year US yield dipped 8 basis points to trade around 4.84%.
- Meanwhile, investors are waiting on another big week of corporate earnings.
US stocks traded mixed Monday as investors assessed intraday swings in the bond market and braced for a wave of incoming corporate earnings.
After briefly topping 5% early Monday morning, the yield on the 10-year US Treasury fell to around 4.84% in the afternoon. That decline allowed stocks to regain some footing.
Still, investors remain concerned over the prospect of higher-for-longer interest rates in the economy, which have pushed bond yields steadily higher throughout 2023. Investors are pricing in a 97% chance interest rates will stay above 4% by the end of 2024, according to the CME FedWatch tool, which could influence bond yields to remain elevated as well.
Meanwhile, about 40% of all S&P 500 firms are set to report their results for the past quarter this week. That includes popular mega-cap tech stocks like Alphabet, Microsoft, and Amazon, which have benefited enormously this year amid Wall Street’s excitement for AI.
Here’s where US indexes stood at the 4:00 p.m. closing bell on Monday:
Here’s what else happened today:
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil dipped 2.6% to $85.82 a barrel. Brent crude, the international benchmark, fell 2.28% to $90.06 a barrel.
- Gold slipped 0.26% to $1,976.35 per ounce.
- The 10-year Treasury yield slid 7 basis points to 4.85% on Thursday.
- Bitcoin rose 4.33% to $31,203.63.
