Wall Street wobbled to a mixed close, continuing a monthslong run where it’s slavishly followed the cue of the bond market.
The S&P 500 slipped 0.2% Monday. The Dow fell 190 points, and the Nasdaq composite edged up 0.3%. All three indexes slumped at the start of trading, hurt by a continued rise for Treasury yields.
The 10-year yield again touched its highest level since 2007. But yields eventually eased back after crude oil prices tumbled to take some pressure off inflation. That helped to relax conditions for the stock market, particularly for Big Tech and other high-growth companies.
The S&P 500 fell 7.12 points, or 0.2%, to 4,217.04.
The Dow Jones Industrial Average fell 190.87 points, or 0.6%, to 32,936.41.
The Nasdaq composite rose 34.52 points, or 0.3%, to 13,018.33.
The Russell 2000 index of smaller companies fell 14.91 points, or 0.9% to 1,665.88.
For the year:
The S&P 500 is up 377.54 points, or 9.8%.
The Dow is down 210.84 points, or 0.6%.
The Nasdaq is up 2,551.85 points, or 24.4%
The Russell 2000 is down 95.36 points, or 5.4%.