Stocks Settle Slightly Lower on Higher Bond Yields

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What you need to know… The S&P 500 Index ($SPX) (SPY) Monday closed down -0.04%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.11%. Stock indexes Monday gave up early gains and settled slightly lower on the large +15.4 bp rise in the 10-year T-note yield. The markets are also on guard for a hawkish FOMC meeting this week, with the market pricing in a 95% chance the Fed raises the federal funds target range by 25 bp on Wednesday. Also, weakness in regional bank stocks Monday weighed on the overall market as sentiment towa…

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