US stocks edge higher as Treasury yields slip and investors await Powell testimony

• US stocks gained ground Monday, putting the S&P 500 on track for a third straight straight win.
• The 10-year Treasury yield eased after rising above 4% last week for the first time since November.

Stocks rose Monday, finding support from a pullback in Treasury yields, before investors hear from Federal Reserve Chairman Jerome Powell on Tuesday.

The S&P 500 on a course for a third consecutive advance. Gainers included Apple after Goldman Sachs reportedly recommended buying shares of the tech behemoth. The S&P 500 alongside the Nasdaq Composite and the Dow Jones Industrial Average finished higher last week.

Stocks found relief Monday and Friday as bond yields backed away from recent highs, including the 10-year Treasury yield moving under 4%. It reached that level last week for the first time since November as investors continued to price in a higher-for-longer scenario from the Federal Reserve on its benchmark interest rate.

"We could see further upside if the US dollar and interest rates continue their fall from Friday with next resistance for the S&P 500 at 4150 under such conditions," Morgan Stanley's chief US equity strategist Mike Wilson wrote Monday.

Here's where US indexes stood at the 9:30 a.m. opening bell on Monday:

• S&P 500: 4,056.02, up 0.26%

• Dow Jones Industrial Average: 33,439.13, up 0.14% (48.16 points)

• Nasdaq Composite: 11,744.96, up 0.48%

In his semi-annual monetary policy report before US lawmakers, investors will watch what Powell will say Tuesday about interest rates and the Fed's ongoing fight against inflation, a year after embarking on its aggressive monetary policy program.

Strength in the labor market has also influenced the Fed's outlook for rates. Investors will receive a key update from that front in Friday's US unemployment report for February.

Here's what else is happening today:

• Crypto exchange Binance crafted a plan to evade scrutiny by US authorities back in 2019, The Wall Street Journal reported.
• British chip designer Arm is looking to raise at least $8 billion when it lists on the US stock market later this year, Reuters reported.
• Chinese EV maker BYD, backed by Warren Buffett, has seen $18 billion in value wiped out amid Tesla's price war.
• Ken Griffin's Citadel is extending its winning streak in 2023 after last year's record gains.

In commodities, bonds, and crypto:

• West Texas Intermediate crude lost 1.2% at $78.69 per barrel. Brent crude, the international benchmark, fell 1.3% to $84.75.
• Gold edged up 0.2% to $1,857.70 per ounce.
• The 10-year Treasury yield fell 2.3 basis points to 3.94%.
• Bitcoin slipped 0.3% to $22,420.05.