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<\/a><\/p>\nBy Stephen Culp<\/p>\n
NEW YORK (Reuters) – Wall Street shuffled to a mixed close on Monday, with interest rate-sensitive momentum shares weighing on the Nasdaq and U.S. Treasury yields dipping as investors braced for a week of high-profile quarterly earnings and closely watched economic data.<\/p>\n
The benchmark S&P 500 and the Dow ended the session modestly higher while Microsoft Corp, Tesla Inc and other megacaps pulled the Nasdaq into the red.<\/p>\n
“People are unsure about what this week holds, especially when it comes to earnings,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “There\u2019s a lot to be cautious about and today reflects that. There\u2019s not a lot happening.” <\/p>\n
Earnings this week include a spate of potential market movers, including tech and tech-adjacent Alphabet Inc, Microsoft, Meta Platforms Inc and Amazon.com Inc.<\/p>\n
High-profile industrials General Motor Co, Boeing Co, Northrop Grumman and Caterpillar Inc are also on deck.<\/p>\n
On the economics front, a spate of housing data, industrial output and the Commerce Department’s first stab at first-quarter GDP will be capped on Friday by the closely watched and wide-ranging Personal Consumption Expenditures (PCE) report, which tracks income, spending and inflation.<\/p>\n
“Everyone’s looking forward to PCE on Friday, given that’s the Fed’s preferred measure of inflation,” said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York.<\/p>\n
The Dow Jones Industrial Average rose 66.44 points, or 0.2%, to 33,875.4, the S&P 500 gained 3.52 points, or 0.09%, to 4,137.04 and the Nasdaq Composite dropped 35.25 points, or 0.29%, to 12,037.20.<\/p>\n
European stocks closed essentially unchanged ahead of potentially market-moving earnings reports, which include a stream of European banks aside from U.S. megacaps. <\/p>\n
The pan-European STOXX 600 index lost 0.01% and MSCI’s gauge of stocks across the globe gained 0.11%.<\/p>\n
Emerging market stocks lost 0.35%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.35% lower, while Japan’s Nikkei rose 0.10%.<\/p>\n
U.S. Treasury yields fell as market participants appeared to grow increasingly jittery about the approaching debt ceiling deadline.<\/p>\n
Benchmark 10-year notes last rose 18\/32 in price to yield 3.5034%, from 3.572% late on Friday.<\/p>\n
The 30-year bond last rose 34\/32 in price to yield 3.718%, from 3.778% late on Friday.<\/p>\n
The greenback and the yen weakened in advance of the United States and Japan’s respective central bank policy meetings. Financial markets have priced in a 91.4% likelihood that the Federal Reserve’s meeting next week will culminate in another 25 basis-point interest rate hike. <\/p>\n
The dollar index fell 0.45%, with the euro up 0.51% at $1.1043.<\/p>\n
The Japanese yen weakened 0.08% versus the greenback at 134.28 per dollar, while sterling was last trading at $1.2483, up 0.43% on the day.<\/p>\n
Crude prices seesawed but turned higher later in the session on optimism over strengthening Chinese demand.<\/p>\n
U.S. crude rose 1.14% to settle at $78.76 per barrel and Brent settled at $82.73, up 1.31% on the day.<\/p>\n
Gold edged higher ahead of major economic data that would affect the Federal Reserve’s decision making at next month’s monetary policy meeting.<\/p>\n
Spot gold added 0.3% to $1,989.14 an ounce.<\/p>\n
\n(Reporting by Stephen Culp in New York; Editing by Chizu Nomiyama and Matthew Lewis)<\/p>\n
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