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Stocks Inch Up, Bonds Dip; Tesla And EVs Rally; Oil Tops $83: What's Driving Markets Monday?

It’s a mixed start to the week on Wall Street, with major large-cap indices slightly above the break-even point by midday trading in New York. All investor eyes are on this week’s key economic events, including Fed Chair Jerome Powell‘s speech on Tuesday and the labor market data release on Friday. Large-cap indices are outperforming small caps, which are down 0.8%. The S&P 500 rose 0.2%, while the tech-heavy Nasdaq 100 outperformed, up 0.4%. Among Monday’s best-performing sectors is technology, up 0.7%, while materials and real estate are struggling, down 1.7% and 1.2%, respectively. On the data front, the ISM Manufacturing PMI index fell more than expected in June to 48.5%, marking the third consecutive month of contraction. Treasury yields rose significantly, with the 30-year yield up 8 basis points to 4.64%, pushing the iShares 20+ Year Treasury ETF (NASDAQ: