Rising bond yields weighed on the tech-heavy index
Stocks struggled to make headway on Monday, with the Dow and S&P 500 finishing flat and Nasdaq settling slightly below breakeven. The Dow and Nasdaq were both up triple digits at their session highs.
Rising bond yields weighed on the latter, as investors look ahead to Federal Reserve Chair Jerome Powell's testimony before the Senate Banking Committee over the next two days, which could offer clues as to the central bank's stance on interest rate hikes going forward.
Continue reading for more on today's market, including:
- Homebuilding stock hit with double downgrade.
- New record within reach of energy stock.
- Plus, 2 biotech stocks to watch; Altria's latest acquisition; and Allbirds stock draws bearish attention.
5 Things to Know Today
- Norfolk Southern (NSC) is making safety adjustments after a third train derailment in just over one month, including the toxic disaster in East Palestine, Ohio. (CNBC)
- JPMorgan Chase (JPM) CEO Jamie Dimon is most worried about the Ukraine war, which is affecting oil markets, food prices, and U.S.-China relations. (MarketWatch)
- Why options trades blasted these 2 biotech stocks.
- Altria to buy e-cigarette startup for roughly $2.75 billion
- Why this analyst turned bearish on Allbirds stock today.
Oil Prices Edge Higher as Gold Price Flatten
Oil prices closed higher on Monday, as traders brushed off China's modest economic growth target of roughly 5%. Higher Arab light crude oil prices boosted confidence in demand growth expectations. April-dated crude settled 78 cents higher, or 1%, to finish at $80.46 per barrel.
Gold prices settled near breakeven ahead of Fed Chair Powell’s congressional testimony over the next two days. April-dated gold closed at $1,854.60 for the day.