Stock market today: Wall Street drifts near records as bond yields recover some of last week's loss

FILE - Trader William Lovesick, right works on the floor of the New York Stock Exchange, June 12, 2024. Shares have opened mixed in Europe on Monday, June 17, 2024, as markets recovered from shocks of recent elections across the region. NEW YORK — U.S. stocks are drifting in quiet trading Monday ahead of what could be a quiet, holiday-shortened week.

This upcoming week has few top-tier economic reports for the United States, outside of Tuesday’s update on how much customers are spending at U.S. retailers and Friday’s preliminary look at the state of U.S. business activity. Markets will also be closed Wednesday for the Juneteenth holiday. High interest rates hurt all kinds of investments, and they tend to hit some areas particularly hard. Real-estate stocks, for example, can struggle when high rates make conditions tougher for the industry and draw income-seeking investors away from them and toward bonds.

Broadcom rose 3.9% to add to its gains from last week after it reported better profit than expected and said it would undergo a 10-for-one stock split to make its price more affordable. It followed Nvidia, which just executed a similar split and rose 1% Monday. Nvidia and Broadcom were the two strongest forces pushing upward on the S&P 500.

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