Stocks Opened Lower as Yields Rose

U.S. stocks open lower on Monday, as rising Treasury yields and expectations of higher inflation weighed on equity prices. The Dow Jones Industrial Average lately fell 138.84 points, or 0.44%, to 31,355.48. The S&P 500 were off 21.78 points, or 0.56%, to 3,884.93. The Nasdaq Composite slipped 150.65 points, or 1.09%, to 13,723.81.

Oil futures traded higher Monday, as traders looked for a slow recovery in output following winter storms that knocked U.S. producers and refineries offline. West Texas Intermediate crude for March delivery rose 62 cents, or 1%, to $59.86 a barrel. April Brent crude was up 51 cents, or 0.8%, at $63.42 a barrel.

The Chicago Federal Reserve’s National Activity Index increased more than expected in January as personal consumption improved more than forecast, reaffirming the strong rebound in consumer spending reflected in last week’s retail sales report from the Commerce Department. The Chicago Fed’s index increased to 0.66 in January from a downwardly revised 0.41 in December.