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US stocks stabilize as Treasury yields rise
US stocks were steady in Wall Street trading, Monday, as another rise in interest rates prevented investors from making large purchases or sales ahead of key inflation data in the United States.
Stocks ended the day on Wall Street without major changes. The Dow Jones Industrial Average fell marginally by about 0.03%.
The S&P 500 closed down 0.04%, while the Nasdaq Composite Index increased 0.1%.
In addition, shares of the electric car company Tesla rose by 5% after CEO Elon Musk said that the company’s robotaxi will be unveiled in early August.
Broad market gains were held in check with 10-year Treasury yields rising 5 basis points to 4.43%.
For more clarity on how successful the US Federal Reserve is in combating inflation, investors are eagerly awaiting March CPI readings later this week. The March CPI number is also being closely watched to gauge when the central bank will start cutting interest rates.
Economists polled by Dow Jones expect the CPI number, due to be released Wednesday morning, to rise 0.3% last month and 3.5% year over year.
