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Stock market news today: Stocks pare gains, finish mixed to start busy week

Here's what's moving markets on Monday, March 6, 2023.

U.S. stocks lost steam Monday afternoon after rallying earlier in the session, kicking off a busy week on Wall Street with a mixed tone.

The S&P 500 (^GSPC) ended the session near the flatline, while the Dow Jones Industrial Average (^DJI) increased 0.1%. The technology-heavy Nasdaq Composite (^IXIC) edged down 0.1%, reversing its gains from earlier in the trading session.

The yield on the benchmark 10-year U.S. Treasury note hovered near 4% Monday afternoon, before settling at 3.98%. Crude oil traded higher, with U.S. benchmark WTI up at $80.55 a barrel. The dollar index moved lower trading at $104.34.

U.S. stocks gained on Friday to close out a volatile week, while bond yields pulled back from their recent highs. The three major indexes rose for the week, with the Dow Jones adding 1.7%, the S&P 500 closing 1.9% higher, and the Nasdaq gaining 2.6%. The yield on the benchmark 10-year Treasury settled back below the key 4% level, and the two-year yield fell to 4.86%. Economic data released on Friday showed the services sector grew in February.

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This week, Wall Street will be paying close attention to the monthly jobs report out Friday. The February jobs report is expected to show 215,000 new jobs have been added to the economy, according to economist estimates, a slower pace from January’s blowout number of 517,000 job additions.

The unemployment rate is expected to hold steady at 3.4%. Another key point from the report will be wage growth, with a 0.3% month-to-month bump in average hourly earnings anticipated and 4.7% over the last year.

Economists at Bank of America, led by Michael Gapen, believe a deceleration from January will be tied largely to weather shifts and a general mean-reverting nature of payrolls. "Typically, when payroll growth records a sizable increase or decrease, we see a reversal in the following month," the firm noted.

Also, investors will be keeping an eye on Federal Reserve Chair Jerome Powell's two-day biannual monetary policy testimony on Capitol Hill, which begins Tuesday.

WASHINGTON, DC - FEBRUARY 07: Federal Reserve Board Chairman Jerome Powell speaks during an interview by David Rubenstein, Chairman of the Economic Club of Washington, D.C., at the Renaissance Hotel on February 7, 2023 in Washington, DC. The Federal Reserve announced last week a 0.25 percentage point interest rate increase to a range of 4.50% to 4.75%. (Photo by Julia Nikhinson/Getty Images)
WASHINGTON, DC - FEBRUARY 07: Federal Reserve Board Chairman Jerome Powell speaks during an interview by David Rubenstein. (Photo by Julia Nikhinson/Getty Images) (Julia Nikhinson via Getty Images)

Other highlights this week include ADP’s monthly read on private payroll growth, January’s report on job openings from the Bureau of Labor Statistics, and the Fed’s Beige Book.

In single stock moves, Apple (AAPL) shares gained nearly 2% on Monday as Goldman Sachs analyst Michael Ng initiated coverage of Apple with a buy rating and a price target of $199. Ng noted Apple's success in hardware design and brand loyalty has led to a growing installed base of users that provide visibility into revenue growth. And Apple's valuation is attractive relative to its historical multiple and to peers.

Ciena (CIEN) shares jumped 4% Monday after the company posted better than expected results that topped analysts expectations amid strong demand in its networking platforms business.

Shares of BridgeBio Pharma (BBIO) surged more than 50% after the company topped Wall Street's expectations in a study of children with achondroplasia, a genetic condition that slows bone growth.

Snap (SNAP) shares climbed 9% amid growing chatter that the U.S. could restrict — or ban — use of the TikTok app.

Spirit Airlines (SAVE) shares tanked nearly 9% following reports that JetBlue Airways (JBLU) is bracing for turbulence from the Justice Department as it tries to block the airline's planned takeover of Spirit Airlines in the coming days, The Wall Street Journal reported. JetBlue shares finished up about 1%.

On the earnings front, Dick's Sporting Goods (DKS), Oracle (ORCL) and BJ's Wholesale (BJ) are set to report results this week.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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