Stocks Sluggish After Spike In Bond Yields

Oil and gold prices both hit multi-week highs.

It was a mostly muted day of trading on Wall Street, with all three major indexes struggling for direction throughout the day before ultimately finishing lower. All eyes were on the 10-year Treasury yield, which deflated investor sentiment after earlier rising to a three-year high. And a surge from several energy stocks was not enough to boost the S&P 500 after natural gas prices jumped to their highest level since 2008.

Meanwhile, Bank of America (BAC) kicked off what will be a busy week of earnings with a strong first-quarter report. In economic data, the National Association of Home Builders’ monthly confidence index fell for the fourth-straight month in April -- losing 2 points to a reading of 77.

The Dow Jones Average (DJI - 34,411.69) fell 39.5 points, or 0.1% for the day. Goldman Sachs (GS) led the gainers with a 2.6% rise, while Walt Disney (DIS) dropped to the bottom of the index with a 2.1% loss. 

The S&P 500 Index (SPX - 4,391.69) dropped just 0.9 points, or 0.02%, for the day, while the Nasdaq Composite (IXIC - 13,332.36) lost 18.7 points, or 0.1%.

Lastly, the Cboe Market Volatility Index (VIX - 22.17) fell 0.5 point, or 2.3%.

Oil, Gold Hit Multi-Week Highs

Oil prices rose to a three-week high today. May-dated West Texas Intermediate (WTI) crude climbed $1.26, or 1.2%, to settle at $108.21 a barrel -- the highest finish for the front-month contract since March 25. 

Gold prices climbed today as well, as investors eye the "safe-haven" asset amid rising inflation. June-dated gold climbed $11.50, or 0.6%, to settle at $1,986.40 an ounce.