Markets Steady Ahead of Key Data

Trading might be muted today as the market pivots, awaiting earnings and inflation data this week.

(Tuesday market open) Once again, market participants find themselves in countdown mode, waiting for data and earnings to kick off later this week and perhaps give Wall Street a nudge one way or another.

The March Consumer Price Index (CPI) report gets things started tomorrow, followed by wholesale prices Thursday and retail sales Friday. Fed minutes from the last Federal Open Market Committee (FOMC) meeting tomorrow afternoon is another possible highlight. The big banks get earnings season started on Friday.

In the meantime, catalysts are a bit thin. U.S. stocks were mixed Monday, as investors confronted the possibility that a still-strong labor market could trigger more Federal Reserve interest rate increases.

The S&P 500® index (SPX) continues to pivot around the 4,100 level. The last five sessions saw relatively small moves, and there didn't appear to be much motivation among traders to push toward last week's highs.

Morning rush

  • The 10-year Treasury note yield (TNX) is unchanged at 3.41%.
  • The U.S. Dollar Index ($DXY) fell marginally to 102.2.
  • The Cboe Volatility Index® (VIX) futures inched up to 19.2.
  • WTI Crude Oil (/CL) slid to $79.46.

Treasury yields bounced back to start the week, getting a lift from continued strong jobs creation in the March Nonfarm Payrolls report released last Friday. The 10-year Treasury yield had pivoted around 3.5% late last month before losing its grip, and that might be an area to watch for possible resistance on any moves higher.