U.S. stock indexes were mixed Monday as a critical week kicked off on Capitol Hill.
The Dow Jones Industrial Average rose 72 points, or 0.21%, while the S&P 500 index and the Nasdaq Composite index declined 0.28% and 0.52%, respectively.
|I:DJI||DOW JONES AVERAGES||35741.15||+64.13||+0.18%|
|I:COMP||NASDAQ COMPOSITE INDEX||15226.706157||+136.51||+0.90%|
Lawmakers on Capitol Hill will have their hands full this week with expected votes on President Biden’s $3.5 trillion spending plan, a bipartisan infrastructure deal and raising the debt ceiling all set to take place.
Durable goods orders rose 1.8% last month, exceeding the 0.7% increase that analysts surveyed by Refinitiv were expecting. Following the strong report, traders sold U.S. Treasurys, pushing the yield on the 10-year note up 3 basis points to 1.48%, a three-month high.
In stocks, JPMorgan Chase & Co., Citigroup Inc. and Citizens Financial Group Inc. were among the names benefitting from rising bond yields and a steeper yield curve.
|JPM||JPMORGAN CHASE & CO.||170.94||-0.84||-0.49%|
|CFG||CITIZENS FINANCIAL GROUP, INC. (RHODE ISLAND)||50.31||+0.03||+0.06%|
|WFC||WELLS FARGO & CO.||50.62||-0.04||-0.08%|
Wells Fargo & Co. lagged in the financial space after saying it would pay $37.3 million to resolve claims that it fraudulently overcharged commercial clients for foreign exchange services.
Oil-related names, including Chevron Corp., ExxonMobil Corp. and Haliburton Co., outperformed as West Texas Intermediate crude oil climbed $1.47 to $75.45 a barrel, the highest since October 2018.
|XOM||EXXON MOBIL CORP.||64.40||+1.25||+1.98%|
Meanwhile, Alphabet Inc., Microsoft Corp. and Apple Inc. were lower as growth areas were out of favor.
Tesla Inc. outperformed after reports said CEO Elon Musk sent a letter to employees telling them this is the company’s "most intense delivery week ever."
Overseas markets were mixed.
European trading was choppy as Germany’s DAX 30 advanced 0.27% after election results showed the center-left Social Democrats narrowly beat outgoing Chancellor Angel Merkel’s conservatives.
Elsewhere in the region, France’s CAC 30 rose 0.19% and Britain’s FTSE 100 added 0.17%.
In Asia, China’s Shanghai Composite index and Japan’s Nikkei 225 lost 0.84% and 0.03%, respectively, while Hong Kong’s Hang Seng index ticked up 0.07%.