(Reuters) – The S&P 500 and Dow Jones industrial average ended lower on Monday, with investors waiting for cues from the upcoming corporate earnings season and a key inflation report later this week.
The indexes had closed at record highs on Friday, after rallying for days on a pullback in the benchmark 10-year bond yield from 14-month highs.
With U.S. consumer price data for March due to be published Tuesday, this could drive Treasury yields higher. Big Wall Street names are due to kick off earnings season on Wednesday, giving new catalysts to buy or sell stocks in a record-high market.
“Investors are now going to pay close attention to earnings season, because this is the time where they are expecting guidance from companies, where valuations start to matter again,” said Ed Moya, senior market analyst at OANDA.