Markets
Here are today’s market moves:
S&P 500 down 0.32% to 3,958.55
Dow Jones down 0.31% to 33,066.96
Nasdaq down 0.11% to 13,045.40
Bitcoin: $58,610
US10Y: 1.714%
Gold: $1,682
What Happened?
U.S. stocks fell on Monday as Treasury yields reached a 14-month high. The S&P 500 finished the day down 0.32%.
The yield on the 10-year Treasury reached 1.77% – its highest level since January 2020 – after starting the year at 0.915%.
Tech stocks, which thrive in a low interest rate environment, have been hit the hardest in recent days.
Data released today showed that U.S. consumer confidence climbed in March to its highest level since the start of the pandemic last year.
Tomorrow, President Biden is expected to unveil a $2 trillion infrastructure plan that also includes raising taxes on companies.
What Else?
This Week
Tuesday: Earnings expected from BioNTech, Chewy, H&M, Lululemon, and McCormick.
Wednesday: Earnings expected from Micron and Walgreens.
Thursday: Weekly jobless claims released.
Friday: March unemployment data released; Stock market closed for Good Friday.