S&P 500 closes little changed on Monday as rising Treasury yields weigh on stocks: Live updates

Stocks ended Monday little changed as another uptick in interest rates kept investors from making big moves ahead of key U.S. inflation data.

The Dow Jones Industrial Average inched lower by 11.24 points, or 0.03%, to close at 38,892.80. The S&P 500 ticked down by 0.04% to end at 5,202.39. Meanwhile, the Nasdaq Composite closed marginally higher by 0.03% at 16,253.96.

Tesla shares gained 4.9% after CEO Elon Musk said the company's robotaxi will be unveiled in early August.

Treasury yields rose, keeping market gains in check. The rate on the benchmark 10-year Treasury note climbed about 4 basis points to 4.42%.

For further clarity on how successful the Federal Reserve's fight against inflation has been, investors are eagerly waiting for readings for March consumer and producer price indexes later this week. March's CPI number is also being closely watched to gauge when the central bank will begin to lower interest rates.

Economists polled by Dow Jones expect the CPI number, scheduled for release Wednesday morning, to increase 0.3% last month.

"The theme of bad news being good for the equity market continues," said Matt Rowe, head of portfolio management at Nomura Capital Management. "Much of the equity strength is driven off of hope for an implied cut, or a series of rate cuts this year, that won't take down the cost of capital and present value of everything."

The 30-stock Dow posted its worst weekly performance since March 2023 last week. The S&P 500 declined nearly 1% during the period, its biggest weekly loss since early January.

The market did finish the week on a positive note, however, after a stronger-than-expected jobs report Friday. The surprising gain in payrolls gave investors hope that a strong economy could continue