Stocks Mixed as Treasury Yields Climb on Inflation Data, Clouding Rate Cut Hopes

Stocks were mostly lower Monday, with tech and energy the exceptions, as Treasury yields climbed following an inflation report Friday that may cloud the Fed's path toward interest rate cuts.

Treasury yields surged as markets digested the mixed signals sent by last Friday’s Personal Consumption Expenditures report, the Fed’s preferred inflation gauge.

Wall Street will get a sense of whether the labor market is "rebalancing" as the Fed would like when February job openings and quits data are released tomorrow.

Markets will also be looking closely at the Labor Department's March jobs reports on Friday.

The S&P 500 closed at its 22nd record high of the year last Thursday, closing out the best first quarter for equities since 2019.