- US stocks traded mixed on Monday as Treasury yields continued to spike higher.
- The US 10-year yield has risen over 7 basis points as investors weigh the path of monetary policy.
US stocks traded mixed on Monday as Treasury yields jumped ahead of comments from Jerome Powell, the Federal Reserve chairman, that may offer hints about upcoming monetary policy.
Powell is set to speak with Patrick Harker, the president of the Philadelphia Fed, at a roundtable discussion on Monday, and 10-year Treasury yields have jumped over 7 basis points to 4.64%.
Persistently stubborn inflation may even drive 10-year yields to 5%, Wall Street giants such as Bill Ackman and Larry Fink have said.
Here's where US indexes stood at the 9:30 a.m. opening bell on Monday:
- S&P 500: 4,286.12, down 0.05%
- Dow Jones Industrial Average: 33,452.81, down 0.16% (54.69 points)
- Nasdaq Composite: 13,262.48, up 0.33%
Here's what else happened today:
- Billionaire David Tepper sees stock valuations at risk as Fed monetary policy keeps tightening.
- Jim Chanos disputed Michael Lewis' defense of FTX, and says the failed crypto firm is more like Enron.
- Kevin O'Leary warned that a commercial real estate collapse will trigger bank failures and risk payrolls.
- Bill Ackman would be all-in for a deal with Elon Musk, but said it's not clear that X is necessarily interested.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil slid 0.74% to $91.07 a barrel. Brent crude, the international benchmark, edged 0.85% lower to $92.84 a barrel.
- Gold declined 0.72% to $1,834.55 per ounce.
- The yield on the 10-year Treasury bond rose 7.9 basis points to 4.65%.
- Bitcoin increased 1.02% to $27192.