Stocks mixed ahead of busy week on Capitol Hill

Top stocks hit by supply chain issues

Phil Flynn of The Price Futures Group joins Great Hill Capital chairman Thomas Hayes on ‘The Claman Countdown’

U.S. stock futures were mixed Monday as a critical week kicks off on Capitol Hill. 

Dow Jones Industrial Average futures rose 70 points, or 0.2%, while S&P 500 futures slipped 0.09% and Nasdaq 100 futures fell 0.53%. 

Lawmakers on Capitol Hill will have their hands full this week with votes on President Biden’s $3.5 trillion spending plan, a bipartisan infrastructure deal and raising the debt ceiling all set to take place. 

Traders sold U.S. Treasurys as trillions more in spending moved into focus with the yield on the 10-year note up 3 basis points to 1.48%, where it was on track for its highest close since late-June. 

In stocks, JPMorgan Chase & Co., Citigroup Inc. and Citizens Financial Group Inc. were among the names benefitting from rising bond yields and a steeper yield curve.

Oil-related names, including Chevron Corp., ExxonMobil Corp. and Haliburton Co., outperformed as West Texas Intermediate crude oil climbed 81 cents to $74.79 a barrel. WTI has not closed above $75 since July. 

Meanwhile, Alphabet Inc., Microsoft Corp. and Apple Inc. lagged as mega cap technology shares were out of favor.  

Tesla Inc. was in focus after reports said CEO Elon Musk sent a letter to employees telling them this is the company’s "most intense delivery week ever."

Overseas markets were mixed. 

European bourses rallied across the board with Germany’s DAX 30 advancing 0.46% after election results showed the center-left Social Democrats narrowly beat outgoing Chancellor Angel Merkel’s conservatives.

Elsewhere in the region, France’s CAC 30 rose 0.29% and Britain’s FTSE 100 edged up 0.1%. 

CLICK HERE TO READ MORE FROM FOX BUSINESS

In Asia, China’s Shanghai Composite index and Japan’s Nikkei 225 lost 0.84% and 0.03%, respectively, while Hong Kong’s Hang Seng index ticked up 0.07%. 

Source: Read Full Article