S&P 500, Nasdaq choppy as higher bond yields weigh

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The benchmark S&P 500 and Nasdaq struggled for direction in early trading on Monday as Treasury yields gained on rising bets that the U.S. Federal Reserve could delay interest-rate cuts this year. Last week, hawkish commentary from central bank officials and stronger-than-expected manufacturing and jobs reports pointed to a resilient U.S. economy, easing the pressure on the Fed to cut interest rates quickly. U.S. stocks recorded weekly losses on Friday as traders scaled back expectations on the timing of rate cuts. The market now sees a 51% chance of the Fed announcing its first rate cut in June, down from about 58% at the beginning of last week. The yield on 10-year Treasury notes rose to its highest level since last November, pressuring equities. Market focus now shifts to the March reading of the U.S. Consumer Price Index (CPI) and the release of minutes from the Fed's latest meeting. Wells Fargo raised its year-end target for the S&P 500 index to 5,535. Tesla rose 4.6% after CEO Elon Musk said the company would unveil the Robotaxi on Aug. 8. At 9:49 a.m. ET, the Dow Jones Industrial Average was up 72.78 points, the S&P 500 was up 0.83 points, and the Nasdaq Composite was up 14.24 points. Eight of the 11 S&P 500 sectors advanced, with consumer discretionary leading gains, while information technology led declines. Cryptocurrency-related stocks advanced. Advancing issues outnumbered decliners on the NYSE and Nasdaq. The S&P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 46 new highs and 33 new lows.

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https://www.kitco.com/news/off-the-wire/2024-04-08/sp-500-nasdaq-choppy-higher-bond-yields-weigh