US stocks mixed as 10-year Treasury yield hits fresh 3-year high while big week of earnings looms
- US stocks opened narrowly mixed on Monday ahead of key corporate earnings this week.
- Earnings on deck for this week include IBM, Procter & Gamble, Johnson & Johnson, and Verizon.
US stocks were mixed Monday as bond yields continued to climb while investors looked ahead to busy week of quarterly earnings reports.
The 10-year Treasury rate jumped to a fresh three-year high, moving above 2.87% at one point. Since the Federal Reserve has signaled a more aggressive, hawkish stance, yields have surged and analysts have talked of a potential recession. One expert said the 40-year trend of declining interest rates could be on its last legs.
Meanwhile, earnings season continued to ramp up, with Bank of America beating first-quarter expectations, driven by consumer loan growth and market volatility. Other earnings on deck for this week include IBM, Procter & Gamble, Johnson & Johnson, and Verizon.
Here's where US indexes stood as the market opened 9:30 a.m. on Monday:
- S&P 500: 4,402.75, up 0.23%
- Dow Jones Industrial Average: 34,587.39, up 0.40%
- Nasdaq Composite: 13,305.51, down 0.35%
Shares of Didi dropped 21% as the China ride-hailing giant said it will hold a shareholders' vote on the delisting of its US shares in May after launching its IPO in June 2021.
Meanwhile, Russia's central bank chief admitted Monday that the nation was struggling to find foreign-currency alternatives, and that sanctions were catalyzing a "structural transformation." Western sanctions have frozen roughly half of Russia's $642 billion in foreign-currency reserves, officials estimate.
Top commentators like Jeremy Grantham, Ray Dalio, and Warren Buffett have sounded the alarm on the Russia-Ukraine war, with each pointing to potentially devastating impacts.
Oil inched higher, with West Texas Intermediate up 1.12% to $108.15 a barrel. Brent crude, the international benchmark, rose 1.23% to $113.07 a barrel.
Gold edged up 1.14% to $1,997.50 per ounce. The 10-year yield rose 1.4 basis point to 2.824%.
Bitcoin slipped 2.17% to $39.404.26.