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Wall Street ends little changed as rising yields weigh on tech

Wall Street indexes closed out Monday’s session near the unchanged mark as rising Treasury yields dented the appetite for technology stocks, while Boeing shares advanced on signs of demand for its freighter aircraft.

Data on Monday showed manufacturing activity in New York surged to 30.9 in November, well above the prior 19.8 reading and 21.2 estimate.

The Dow Jones Industrial Average fell 12.86 points, or 0.04%, to 36,087.45, the S&P 500 lost 0.05 point, or flat, to 4,682.80 and the Nasdaq Composite dropped 7.11 points, or 0.04%, to 15,853.85.

 

Focus this week will be on earnings reports from several major retailers including Walmart Inc, Target Corp, Home Depot Inc and Macy’s Inc. Their results will round off an upbeat third-quarter earnings season, which helped push Wall Street to new highs.

Retail sales data for October is also due on Tuesday, and is expected to reveal signs of any impact inflation has had on consumer spending.

 

European stocks close slightly higher; Philips down 10%

European markets closed slightly higher on Monday as investors monitored the steady drip of economic data and corporate earnings from around the world.

The pan-European Stoxx 600 provisionally closed up by around 0.3%, with retail and utilities stocks climbing 0.8% while the basic resources sector sank 1.2%.

Global markets in recent weeks have been guided by corporate earnings reports along with inflation and labor market data from major economies, which will have a significant bearing on the policy path for central banks.