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Stock Indexes Open Lower as Treasury Yields Rise

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U.S. stock indexes began the month on a mostly downward trend as Treasury yields continued to climb. The Dow Jones Industrial Average (DJIA) dropped 47 points, or 0.1%, to 33,463, while the S&P 500 slipped 0.1% and the Nasdaq Composite remained nearly flat.

Temporary Agreement Prevents Government Shutdown

To avoid a government shutdown, U.S. legislators reached a temporary agreement just before the deadline. The U.S. Senate voted on a short-term stopgap funding measure, which was subsequently signed into law by President Joe Biden. This bill ensures that the government remains open for an extended period of 45 days, allowing lawmakers to finalize funding legislation.

Treasury Yields Continue to Climb

On Monday morning, the yield on the 2-year Treasury rose by 8 basis points to 5.113%, while the yield on the 10-year Treasury increased by 7 basis points to 4.645%. These rising yields indicate investor anticipation and could impact financial markets.

Investors Await Key Fed Speakers

Market participants are eagerly awaiting remarks from several Federal Reserve speakers. Fed Chair Jerome Powell and Philadelphia Fed President Patrick Harker are scheduled to make comments at a community event in York, Pennsylvania, at 11 a.m. Their speeches may provide insights on the central bank’s monetary policies and future economic outlook.

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