U.S. stocks edged up as government bond markets showed signs of stabilizing after a recent selloff.
Continue Reading Below
The Dow Jones Industrial Average rose 11 points, or less than 0.1%, to 21426. The S&P 500 rose 0.1% and the Nasdaq Composite added 0.2%.
Technology shares, which have bounced around over the past month, climbed 0.6% in the S&P 500. Microsoft shares added 0.7%, while International Business Machines gained 0.4%.
In bond markets, 10-year Treasury yields fell to 2.375%, according to Tradeweb. That was down from 2.393% on Friday, the highest level in nearly two months. In Europe, the 10-year government bond in Germany, which was the center of the recent selloff, fell by 0.02 percentage points to 0.547%. Yields move inversely to prices.
Traders said the recent price declines made the bond market appealing to some investors. Signs of tighter monetary policy ahead had put pressure on government bond markets around the world over the past two weeks.
Central banks are likely to remain in focus this week, with the Bank of Canada widely expected to raise rates for the first time in seven years and Federal Reserve Chairwoman Janet Yellen set to offer semiannual testimony before congressional committees on Wednesday and Thursday.
Continue Reading Below
The U.S. second-quarter earnings season will also begin in earnest with investors expecting a roughly 6% gain in earnings per share across the S&P 500, according to CFRA Research.
Investors are largely holding their fire until companies start releasing results, leading to quiet trading as markets opened this week, said Karyn Cavanaugh, senior market strategist at Voya Investment Management. "It's jockeying for position ahead of earnings season," she said.
The Stoxx Europe 600 rose 0.5%. Equity markets were broadly higher in Asia after a strong U.S. jobs report Friday boosted the dollar and U.S. stocks, particularly shares of financial companies.
Japan's Nikkei Stock Average rose 0.8% after closing at its lowest level in three weeks on Friday. Hong Kong's Hang Seng added 0.6% as index heavyweight HSBC advanced, while Australia's S&P/ASX 200 rose 0.4%, spurred by gains in bank stocks.
The start of trading was delayed in both India and Indonesia on Monday morning for what is being said were separate technical issues. Investors seemed unmoved as India's Sensex stock index climbed to record highs, rising 1.1%. Indonesia's JSX edged down 0.7%.
Write to Riva Gold at firstname.lastname@example.org and Alexander Osipovich at email@example.com
(END) Dow Jones Newswires
July 10, 2017 11:25 ET (15:25 GMT)