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Nasdaq snaps four days of losses as 10-year Treasury yield retreats from 5%: Live updates

Chevron agrees to buy Hess for $53 billion. Here's how to invest in the deal
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Chevron agrees to buy Hess for $53 billion. Here's how to invest in the deal

The Nasdaq Composite ticked higher on Monday as Treasury yields retreated from their highs and traders looked ahead to the release of corporate earnings from tech industry giants.

The Dow Jones Industrial Average slipped 190.87 points, or 0.58%, to close at 32,936.41, while the S&P 500 fell 0.17% to 4,217.04. The tech-heavy Nasdaq Composite added 0.27% to finish the session at 13,018.33.

The benchmark 10-year Treasury note yield briefly climbed back above the key 5% level before ticking down. It was last trading at about 4.85%.

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Interest rates have soared in recent weeks, with the 10-year Treasury yield's break above 5% on Thursday marking the first such occurrence for the benchmark since July 2007. Comments from Federal Reserve Chair Jerome Powell on Thursday suggested that monetary policy could tighten further. This seemingly stoked investor concern and underpinned the rise in Treasury yields. Some analysts think the benchmark yield could still have further room to run.

The rapid rise in yields "should accelerate an already weakening economic picture that is masked by higher rates," said Canaccord Genuity chief market strategist Tony Dwyer in a Monday note.

Wall Street is coming off a tough week. The S&P 500 ended the week 2.4% lower, notching its first losing week in three. The Dow shed 1.6%, while the Nasdaq slumped 3.2% to register its second losing week in a row.

Shares of oil major Chevron slipped 3.7% following news that the company would purchase peer Hess in an all-stock deal. Pharmacy giant Walgreens ticked up 3% following an upgrade from JPMorgan. Online security stock Okta slid for a second day, following a data breach; shares shed 8%

Earnings season ramps up this week, with a slew of big tech titans set to report. Investors anticipate results from Alphabet, Amazon, Meta and Microsoft will provide key information for the stock market.

Nasdaq closes higher, breaks four-day losing streak

The Nasdaq Composite closed higher on Monday to break a four-session losing streak.

The Dow Jones Industrial Average fell about 190 points, or 0.6%, to finish the session at 32,936.41. The S&P 500