US shares rose on Monday as investors eye pullback in Treasury yields and resumed buying after last week’s volatility.
The yield on the 10-year US Treasury note gained some ground but still slipped 4.8 basis points to 1.68% on Monday after hitting a 14-month high above 1.7% last week. Bank of America revised its forecast from 1.75% to 2.15% for the 10-year US Treasury note by year-end, adding that “curves appear headed steeper but not uniformly.”
“Our prior forecasts identified the likely drivers and magnitude of the move, although we underestimated the speed of the adjustment. Our forecasts are in-line with fair value implied by our US economist projections,” the bank said in a note on Monday.
Here’s where US indexes stood shortly after the 9:30 am open on Monday:
On Friday, tech stocks rebounded after Treasury yields stabilized. However, the Fed’s announcement earlier that day that it would not extend the temporary regulatory relief it granted banks after March 31 sent bank stocks lower.
Bank sectors exposed to the Turkish lira on Monday slipped further. The Turkish currency itself fell as much as 14% after President Recep Tayyip Erdogan fired Naci Agbal, head of the central bank on Monday.
Star stock picker Cathie Wood said she expects Tesla to jump to $3,000 per share by 2025, hinging on the electric vehicle company’s ability to launch an autonomous robotaxi service. Tesla trades roughly $645 a share right now.
Bitcoin rose 1.78% to $57,267 on Monday, after falling back to the $55,000-level on Sunday.
The founder of cryptocurrency exchange BTCC Bobby Lee said in a CNBC interview on Monday that he expects bitcoin to hit $100,000 by the summer and “potentially” $300,000 by the end of the year, “if history plays itself out again.”
Gold slipped as much as 0.78%, to $1,731.78 per ounce.