- The S&P 500 and the Nasdaq Composite headed lower on Monday in the last trading week of September.
- The 10-year Treasury yield was at its highest since late June.
- Lawmakers will vote on budget bills this week.
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Stocks mostly moved lower Monday as investors entered the last week of September with lawmakers in Washington facing funding deadlines to avoid a government shutdown while worries lingered over China’s debt-laden Evergrande.
The S&P 500 and the Nasdaq Composite lost ground while the Dow Jones Industrial Average clung to a small gain. Tech stocks were feeling the pinch from investors seeking safety in the Treasury market, a move that pushed the 10-year Treasury yield to 1.48%, around its highest since late June.
Here’s where US indexes stood at 9:30 a.m. on Monday:
Investors appeared wary of risk-taking as Congress prepares to vote on Thursday to deal with the $28 trillion debt ceiling the country is bumping up against. In the House, Democrats are still wrestling over a major infrastructure bill and a $3.5 trillion spending bill for social and environmental programs.
Meanwhile, Evergrande, whose $309 billion in liabilities rattled global markets last week, passed a deadline to pay $83.5 million in dollar-bond interest. That’s left investors wondering whether they will have to absorb massive losses after a 30-day grace period, according to Reuters. Another $47.5 million coupon is due this week on a second dollar bond.
Gold rose by 0.1% to $1,752.78 per ounce.
Oil prices jumped. West Texas Intermediate crude gained 2.1% to $75.55 per barrel. Brent oil, oil’s international benchmark, picked up 1.8% to $79.46.
Bitcoin gained about 1% at $43,545.91.