Stocks saw a mixed start to the second quarter on Monday after the extended weekend. The Dow Jones Industrial Average and the S&P 500 were down, while the Nasdaq outperformed both indices.
Market indexes have been declining as Treasury yields increase, with the 10-year yield rising by 10 basis points to 4.31%. The Dow fell by 0.6%, the Nasdaq rose by 0.2%, and the S&P 500 fell by 0.2%. The Russell 2000 also slid by 0.9%.
Trading volume increased on the New York Stock Exchange and the Nasdaq compared to the same time last Thursday. The stock market was closed on Good Friday. In ETF trading, the Invesco QQQ Trust rose by 0.4%, while the Innovator IBD 50 ETF fell by 0.6%. West Texas intermediate crude oil saw an increase to $83.36 per barrel.
On the economic front, the February PCE price index rose by 0.3% compared to January, slightly below consensus. PCE inflation was up by 2.5% year-over-year, in line with expectations. The core PCE price index, the Fed’s preferred inflation measure, rose by 0.3% and the annual core PCE inflation rate was at 2.8%.
In the stock market, UPS declined by 1.3% after being selected as the main air cargo provider for the U.S. Postal Service, while FedEx stock fell by over 2%. FedEx reported better-than-expected earnings in March. Micron Technology climbed by more than 7% after an analyst raised its price target.
Bitcoin’s price was above $69,400, and related stocks were lower. CleanSpark and MicroStrategy both saw declines, while Coinbase and Marathon Digital also fell.
Alphabet stock surged by 3% and broke out of a cup base. Delta Air Lines gained nearly 2% after a price target raise. AT&T fell by nearly 2% due to a data leak. 3M popped by 3.3% after receiving approval for a settlement. Tesla fell by 2.3%, while Nvidia rose by 1.3%.
Stay tuned for more stock market news from Kimberley Koenig on Twitter.
