S&P 500 Aims for 3rd Straight Win

  • US stocks gained ground Monday, putting the S&P 500 on track for a third straight straight win. 
  • The 10-year Treasury yield eased after rising above 4% last week for the first time since November. 
  • Jerome Powell will appear on Capitol Hill on Tuesday, and the monthly jobs report is due Friday. 

Stocks rose Monday, finding support from a pullback in Treasury yields, before investors hear from Federal Reserve Chairman Jerome Powell on Tuesday.

The S&P 500 on a course for a third consecutive advance. Gainers included Apple after Goldman Sachs reportedly recommended buying shares of the tech behemoth. The S&P 500 alongside the Nasdaq Composite and the Dow Jones Industrial Average finished higher last week. 

Stocks found relief Monday and Friday as bond yields backed away from recent highs, including the 10-year Treasury yield moving under 4%. It reached that level last week for the first time since November as investors continued to price in a higher-for-longer scenario from the Federal Reserve on its benchmark  interest rate. 

“We could see further upside if the US dollar and interest rates continue their fall from Friday with next resistance for the S&P 500 at 4150 under such conditions,” Morgan Stanley’s chief US equity strategist Mike Wilson wrote Monday.

Here’s where US indexes stood at the 9:30 a.m. opening bell on Monday: 

In his semi-annual monetary policy report before US lawmakers, investors will watch what Powell will say Tuesday about interest rates and the Fed’s ongoing fight against inflation, a year after embarking on its aggressive monetary policy program. 

Strength in the labor market has also influenced the Fed’s outlook for rates. Investors will receive a key update from that front in Friday’s US unemployment report for February. 

Here’s what else is happening today:

In commodities, bonds, and crypto:

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