Wall Street's main indexes cut gains on Monday as investors assessed risks to the banking sector following a buyout deal for Silicon Valley Bank's assets, while a rise in Treasury yields pressured rate-sensitive technology and other growth stocks.
Traders largely expect the Federal Reserve to pause rate hikes in May in light of the banking crisis, though the bets of a no-hike scenario have come down to 60.6% from 83.2% on Friday, according to CME Group's Fedwatch tool.
Investors are also awaiting a host of economic data this week, including an inflation report that could give more clues about the Fed's monetary policy path.rose 2.0% with Barclays expecting the electric carmaker's first-quarter deliveries to beat estimates. Advancing issues outnumbered decliners by a 2.67-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq.
The S&P index recorded 6 new 52-week highs and no new lows, while the Nasdaq recorded 36 new highs and 82 new lows. Reporting by Amruta Khandekar and Ankika Biswas; Editing by Dhanya Ann Thoppil, Savio D'Souza and Vinay Dwivedi
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