Treasury yields marched higher, maintaining pressure on stocks after last week’s ugly selloff. Stocks fell slightly at Monday’s open, putting major indexes at risk for a fifth consecutive session in the red.
Shares of Warner Bros., Paramount, Disney and Netflix were mixed after Hollywood writers reached a tentative deal to end a monthslong strike.
Investors looked ahead to an updated reading for second-quarter GDP, due Thursday, plus Friday’s consumer-spending data and the Federal Reserve’s preferred inflation gauge. Nike and Costco are among the companies posting earnings this week.
Stocks edged lower. All three major U.S. indexes fell; the Nasdaq Composite was down about 0.5%.
Benchmark Treasury yields topped 4.5%, surpassing Friday’s almost 16-year closing high. Last week, the Fed indicated it would hold interest rates at higher levels for longer, propelling yields upward.
European bond yields jumped. Germany’s 10-year yield rose above 2.8% to a new 12-year high, after a business survey showed sentiment there weakened less than expected in September.
Oil prices wavered. Brent crude, the global benchmark, traded at around $92 a barrel, after touching $95 last week.
Overseas stocks were mostly lower. European and Chinese stocks declined; Japan’s Nikkei 225 gained less than 1%.