Wall Street's Week Plagued by Higher Bond Yields

Wall Street's holiday-shortened week had one major theme: higher Treasury yields. The 10-year bond note held steady above 4.5%, following a surprising consumer confidence index reading. The benchmark bond yield at one point even crossed above 4.6% after the Nvidia (NVDA) rally came to an end, leaving the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) high and dry, especially after Salesforce (CRM) turned in its first revenue miss in nearly two decades. Today, the S&P 500 Index (SPX) and Nasdaq are about to snap five-week winning streaks, while all three benchmarks pace for monthly wins.

Retail Earnings Suggest Consumers are Still Spending

While it was a short one, this week was loaded with retail earnings that provided insight into the state of spending the U.S. Shares of Dick's Sporting Goods (DKS) and Abercrombie & Fitch (ANF) each hit record highs, after both companies reported upbeat first-quarter results. Online pet supply retailer Chewy (CHWY) got a big post-earnings boost, thanks to a quarterly beat and a share buyback plan. Elsewhere, Gap (GPS) and Ulta Beauty (ULTA) moved in opposite directions after earnings, though the reports gave the retail sector a bump. Finally, Kohl's (KSS) posted a surprise quarterly loss, putting the stock on track for its worst day ever.

Even More Earnings, Inflation Data on the Horizon

A host of retail and tech earnings are due out next week, including reports from Big Lots (BIG), CrowdStrike (CRWD), DocuSign (DOCU), and Dollar Tree (DLTR). Plus, investors will unpack the S&P flash U.S. purchasing manufacturing index (PMI) and a deluge of employment data.

In the meantime, Schaeffer's Senior Quantitative Analyst Rocky White has something to say about copper's meteoric rise, while Senior V.P. of Research Todd Salamone breaks down two short-term risks for options bulls.