Market Momentum: Stocks Extend Winning Streak as Treasury Yields Rise

Stocks on Wall Street traded close to the flatline on Monday, with the S&P 500 extending its winning streak and the Nasdaq 100 logging six consecutive days of positive returns. However, rising Treasury yields presented challenges to further advances in the stock market. Defensive sectors outperformed cyclicals and tech. Federal Reserve Governor Lisa D. Cook expressed confidence that current policy measures are sufficient to bring inflation back to the target rate of 2%. Technical strategist Adam Turnquist noted that more evidence is needed to confirm the end of the market correction, including a reversal of the S&P 500's downtrend and an expansion of market breadth.