Stocks were higher on Monday, April 23, but in cautious trading as benchmark 10-year Treasury notes were near 3% for the first time in more than four years and as Wall Street prepared to enter the heart of U.S. corporate earnings season.
Benchmark 10-year notes briefly touched 3% on Monday, continuing gains made last week. On Friday, April 20, the 10-year traded as high as 2.956%, the highest level since January 2014. At last check, the yield on the 10-year Treasury was at 2.985%.
The Dow Jones Industrial Average (^DJI) was basically flat while the Nasdaq rose 0.2% and the S&P 500 gained 0.18%.
Here are the 3 biggest movers, all losers, from Monday's morning trading.
Alcoa Corp. (AA) - Get Report - Alcoa shares were down 12.6% after the U.S. Treasury Department said that it could soften sanction against Russian aluminum giant Rusal if its CEO steps down. The price of aluminum dropped as a result as a new large player could soon be reentering the market.
Cleveland-Cliffs Inc. (CLF) - Get Report - shares fell 5.9% Monday afternoon after the company's first-quarter results failed to meet expectations. The company reported revenue of $239 million, yielding a net loss of 29 cents per share. Last year the company reported earnings of $1.05 per share on revenue of $6009 million.
Skechers U.S.A. Inc. (SKX) - Get Report - shares were down 4.3% after being downgraded Friday to "neutral" from "outperform" at Wedbush. The firm also cut the company's price target to $34 from $46. The company fell nearly 30% Friday after the note was first released.