Market Insider

Here's why markets are in 'no man's land'

Stocks seek to continue May winning streak

Traders will watch reports on services sector activity and international trade data Tuesday, but markets could remain subdued until the real action starts later in the week.

Stocks finished a quiet Monday with slight gains, and Treasury yields moved higher at the long end of the curve. Traders await Friday's jobs report, expected to show 228,000 nonfarm payrolls for April, up from 126,000 for March.

"At this point, you're sort of in a no man's land waiting for Friday's number," said Daniel Greenhaus, chief global strategist at BTIG. The S&P 500 closed higher, up 6 points at 2,114, three points shy of its all time high. Financials led the gains.