Joe Mazzola

Major indexes are on pace for a third-straight winning week, lifted early by strength in the mega caps despite rising Treasury yields and crude oil. Trading could be rangebound today and Monday ahead of next week's U.S. inflation readings.

Treasury yields pivoted this morning in response to data from China and the United States. China's stronger-than-expected imports and exports first put pressure on Treasuries, raising yields, but then a spike in U.S. jobless claims sent yields lower. Stocks wobbled as investors tried to find direction.

Stocks are heading lower this morning despite a dearth of catalysts as Treasury yields inch higher. Uber shares fell sharply after a surprise earnings per share miss, and investors await crude inventory data and a 10-year Treasury auction along with Fed speakers.

Major indexes lack solid direction this morning as the market tries to extend a short win streak. Yesterday's SPX close above key resistance could provide technical support, while fresh data is thin and investors assess Disney's results.

Stocks are up this morning, building on Friday's jobs report-related gains, as investors build in stronger hopes of rate cuts this year. The 10-year Treasury yield is back below 4.5% early Monday, providing additional support, while crude gains after a weekend of little progress on the Middle East crisis.

A "Goldilocks" type of jobs report—not too hot or cold—sent stocks soaring and yields sharply lower early Friday. The government reported April jobs growth of 175,000, well below the 12-month average of 242,000, easing concerns about the economy running too fast. Wage growth also was below expectations at 0.2%, which could reduce inflation worries.

The day begins with major indexes higher following Wednesday's late plunge, but recent rallies simply haven't had staying power. Apple earnings loom later today with a focus on how the company can accelerate revenue.

Fed policy leaders held benchmark rates unchanged as expected, but Powell encouraged investors by saying further increases are unlikely.

Today's focus turns to Washington, D.C., where the Fed's meeting is expected to end with no rate moves but possibly an update on the central bank's quantitative tightening (QT) measure. Amazon's earnings lifted shares, but Advanced Micro Devices fell after its results failed to excite investors, and competitor Nvidia is down early as well.

Mega caps and the Fed dominate this week's action on Wall Street as Amazon prepares to report this afternoon and the FOMC meeting begins. Apple and Nonfarm payrolls wait in the wings Thursday and Friday. Stocks are under pressure despite a number of solid earnings reports this morning.