Stock market today: S&P 500 little changed after Tesla's China gambit in big week for markets

Stocks gave up earlier gains to hug the flatline Monday as bond yields rose, kicking off a big week filled with a Federal Reserve rate decision, the monthly jobs report, and earnings from more "Magnificent Seven" tech heavyweights. The S&P 500 briefly fell into negative territory after gaining as much as 0.4%. The tech-heavy Nasdaq Composite was little changed after gaining as much as 0.5% as Tesla shares surged amid upbeat China news.

While the central bank is expected to hold rates steady at a 23-year high, debate is raging over the timing and even likelihood of a cut in 2024. In focus is whether Fed policymakers will backtrack on their earlier projection for a significant easing in borrowing costs. Traders have already scaled back their bets, and the April jobs report that rounds off the week could move the needle again.

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