U.S. stock indexes opened flat Monday after a broad-based rally that pushed the large-cap index S&P 500 to its highest level in nearly ten months and had it on the verge of exiting its longest bear-market run since 1948. The S&P 500 SPX, +0.20% advanced 4 points, or 0.1%, to 4,286. The Dow Jones Industrial Average DJIA, -0.02% opened nearly flat at 33,769, while the Nasdaq Composite COMP, +0.25% shed 0.1%.
On Friday, stocks rallied to end the week after the May employment report showed the labor market is still surprisingly strong despite the Federal Reserve’s aggressive tightening of monetary policy in the past year. Fed-funds futures traders priced in a 20.7% probability the central bank will lift its benchmark interest rate by 25 basis points at its June 13-14 policy meeting, according to the CME FedWatch tool.