Stocks Mixed on Lower Bond Yields and Chip Stock Weakness

The S&P 500 Index is up by 0.33%, the Dow Jones Industrial Average is up 0.47%, while the Nasdaq 100 Index is down 0.33% on Monday. The broader market is supported by lower US bond yields, with the 10-year T-note yield dropping 6 basis points to 4.64%. Despite this, chipmaker and AI-infrastructure stocks continue to underperform, dragging down the Nasdaq 100.

Barron Trump, aged 20, now has a net worth of $150 million, surpassing his mother Melania's wealth. Moderna shares surged more than 110% after announcing positive results from a personalized cancer vaccine trial with Merck & Co. Meanwhile, the Trump administration delayed 50% tariffs on some Canadian products for three days due to a tentative agreement.

US MBA mortgage applications fell slightly, while the average 30-year fixed-rate mortgage remained unchanged at 6.77%. Tensions in the Middle East keep the Strait of Hormuz closed, limiting crude supplies and pushing up oil prices. Despite this, the Euro Stoxx 50 is up slightly, and China's Shanghai Composite fell to a 1.5-week low.

European government bond yields are also moving lower, with the 10-year German bund yield down slightly. Mining stocks have seen a sharp increase after metals prices surged due to the Treasury's increase in buybacks of longer-dated US government debt.