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NEW YORK – U.S. stocks struggled to gain ground as technology stocks outperformed Nasdaq on Monday, and benchmark Treasury yields rose amid wavering optimism about a debt ceiling deal from Washington.
None of the three major U.S. stock indexes is showing much conviction given the bearish first-quarter earnings season and lack of market-moving catalysts, other than the stellar Empire State manufacturing report. disappointment from the New York Federal Reserve.
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But strong gains in semiconductor stocks gave the tech-heavy Nasdaq a comfortable lead.
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Market participants have little to focus on, other than partisan squabbling on Capitol Hill as President Joe Biden and congressional Republicans squabble over a debt limit deal.
“There seems to be some optimism about the debt ceiling negotiations,” said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. “Part of that might be a political stunt, but it’s helping the market a little bit right now.”
Sroka added: “You have a divided government and those tend to be more ‘deadlocked’ negotiations. “It’s being a little more hyped than usual.”
The Dow Jones Industrial Average fell 7.61 points, or 0.02%, to 33,293.01, the S&P 500 gained 6.63 points, or 0.16%, to 4,130.71 and the index Nasdaq rose 65.93 points, or 0.54%, to 12,350.68.
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European stocks ended the session higher as investors eyed the ongoing US debt ceiling negotiations and the upcoming election in Turkey.
The pan-European STOXX 600 index rose 0.25% and the MSCI global equity index gained 0.33%.
Emerging market shares rose 0.53%. MSCI’s broadest index of Asia-Pacific shares outside of Japan closed 0.84% higher, while Japan’s Nikkei gained 0.81%.
Long-term US Treasury yields rose on lingering concerns about inflation slowing down even after Atlanta Fed President Raphael Bostic said he would vote to keep rates steady if the policy meeting Fed currency is held today.
The most recent 10-year benchmark was down 32/11 in price to 3,5037%, from 3.463% late Friday.
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The most recent 30-year bond fell 35/32 in price to 3,8401%, from 3.777% late Friday.
The greenback fell against a basket of world currencies after touching a five-week high, consolidating gains amid debt limit controversy and weaker-than-expected Empire State factory data.
The dollar index fell 0.25%, with the euro up 0.24% to $1.0874.
The Japanese yen weakened 0.24% against the greenback at 136.07 to the dollar, while the pound last traded at $1.2526, up 0.55% on the day.
Oil prices rose on concerns about tight supply due to wildfires in Alberta, Canada, but gains were limited by concerns about weakening demand.
U.S. crude rose 1.53% to $71.11 a barrel, while Brent was steady at $75.23 a barrel, up 1.43% on the day.
US crude rose 1.53% to $71.11 a barrel, while Brent was last at $71.11 a barrel.
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Gold moves higher amid dollar weakness as debt ceiling deadlock persists and investors cling to year-end rate cut hopes, despite comments from Fed officials .
Spot gold rose 0.3 percent to $2,016.33 an ounce. (Reporting by Stephen Culp; Additional reporting by Nell Mackenzie in London; Editing by Bernadette Baum and Cynthia Osterman)
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