Wall Street’s major market averages traded in a mixed fashion on Monday, as tech struggles and Treasury yields noticed limited movement.
The blue-chip Dow (DJI) climbed higher by 0.8%, the benchmark S&P 500 (SP500) advanced by 0.2%, and the tech focused Nasdaq Composite (COMP:IND) declined by 0.4%.
From a sector point of view, nine of the 11 S&P segments are higher, with Energy at the top of the leaderboard. At the same time, the worst performing sector on the session has been Info Tech.
The Treasury market has experienced limited moves in yields. The shorter end U.S. 2 Year Treasury yield (US2Y) gained 1 basis point to 4.74%. At the same time, the longer end U.S. 10 Year Treasury yield (US10Y) gained 1 basis point to 4.26%.
See how other yields trade across the entire yield curve here.
On the economic front, the Dallas Fed Manufacturing Index stays in negative territory in June. The index came in at -15.1 versus the forecasted -14.0 level.
Moreover, investors will also keep their eyes peeled for May’s personal consumption expenditure data, which is expected to come at the end of the week. The data comes amid an environment where the Federal Reserve is looking for further signs of slowdown and a fall in inflation to start easing monetary policy.
In the mega-cap space, Nvidia slides for a third straight trading session as it loses $300B in market cap.
As for names that are on the move, IT services giant IBM (IBM) is up 2.5% as, Goldman Sachs stated, it has a “compelling” risk-reward profiles as its fundamental picture starts to improve.
Shares of Altimmune (ALT) popped 17% after releasing phase 2 data on its obesity candidate pemvidutide that showed participants lost a mean of 15.6% of body weight at 48 weeks based on the highest dose tested.
Elsewhere in the market, Bitcoin (BTC-USD) continues its recent declines as the crypto asset dropped 4.9% after one of its worst trading weeks of the 2024 year.
