Major market averages were mixed on Tuesday as investors awaited key inflation data expected at the end of the shortened trading week.
Early on, the S&P 500 Index (SP500) +0.1%the Nasdaq Index (Ingredients: IND) used to be +0.4% and the Dow Jones (DJI) used to be -0.3%.
The 10-year government bond yield (US10Y) rose 1 basis point to 4.48%. The 2-year Treasury yield (US2Y) fell 2 basis points to 4.92%. Visit the Seeking Alpha Bonds page to see how Treasury yields are performing across the curve.
U.S. stocks closed sharply higher on Friday, with the S&P 500 stalling on the verge of a fifth straight week of gains after hitting record highs over the past two days.
Investors also head into the three-day Memorial Day weekend on Monday and will now eagerly await the April PCE price index, which is expected to be released on Friday.
On the economic front, the March house price index was released, showing that the increase in house prices in March slowed down from February. The data showed a quarterly increase of 0.3%, compared with +0.6% in the previous month.
The May consumer confidence report rose to 102, compared with the forecast of 95.3.
The Dallas Fed Manufacturing Business Index will also be released soon.
“The Dallas Fed Manufacturing Sentiment Survey releases very subjective comments from seemingly objective respondents,” Donovan added.
Results from the $69B, 2-year note auction and the $70B, 5-year note auction are also expected to be released later in the day.
