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NEW YORK, June 17 - A gauge of global stocks was lower for a third straight session on Monday, while U.S. Treasury yields rose after a sharp drop in the prior week and ahead of comments from multiple Federal Reserve officials.
"The fact that the rally has been driven mostly by a select few stocks, that would mean that the pullback could be even deeper." U.S. equities had pushed to record levels last week following several inflation readings that indicated price pressures may be ebbing, even as the Fed adjusted its economic projections to only include one rate cut for the year.
European shares slipped again after heavy losses last week, with the STOXX 600 down about 2.4%, its biggest weekly percentage drop since October, as French President Emmanuel Macron called a snap election hoping to fend off gains by far right and leftist groups against his centrist administration. The yield on benchmark U.S. 10-year notes rose 7.2 basis points to 4.285%, from 4.213% late on Friday. The 2-year note yield, which typically moves in step with interest rate expectations, rose 5.5 basis points to 4.7401%, from 4.685% late on Friday.
The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.01% at 105.54, with the euro up 0.13% at $1.0714.
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