US stocks fall in volatile session as earnings season heats up and bond sell-off continues

• US stocks finished down Monday after a volatile session as investors look ahead to a big week of earnings reports.
• The bond sell-off continued, with the 10-year Treasury yield rising more than 5 basis points.

US stocks traded up and down all day before finishing lower on Monday as the bond sell-off continued while investors look ahead to a big week of earnings reports.

Netflix headlines Tuesday's earnings, and Tesla follows up on Wednesday. Other earnings on deck for this week include IBM, Procter & Gamble, Johnson & Johnson, and Verizon. Early Monday, Bank of America beat first-quarter expectations, driven by consumer loan growth and market volatility.

The 10-year yield jumped to a fresh three-year high, moving above 2.87% at one point, before paring gains to climb 5.2 basis points to 2.86%.

Here's where US indexes stood as the market closed at 4:00 p.m. ET on Monday:

• S&P 500: 4,391.69, down 0.02%

• Dow Jones Industrial Average: 34,411.69, down 0.11%

• Nasdaq Composite: 13,332.36, down 0.14%

Earnings season is revealing that Wall Street is turning bearish while Main Street gets bullish amid strong consumer demand, according to analysts at Bank of America.

Morgan Stanley, for its part, warned that inflation is no longer a net positive for earnings growth. Now, cost pressures are starting to hurt margins.

Top economist Mohamed El-Erian said Monday that gold and crypto prices would jump if the Federal Reserve were to raise its inflation target to 3%, as it would give the central bank some more breathing room.

Meanwhile, the World Bank slashed its global growth forecast due to Russia's invasion of Ukraine. The lender said it would mobilize a relief package bigger than the one it delivered in response to the COVID-19 pandemic.

Oil climbed, with West Texas Intermediate up 0.75% to $107.75 a barrel. Brent crude, the international benchmark, rose 1.04% to $112.86 a barrel.

Gold edged up 0.40% to $1,982.80 per ounce. Bitcoin rose 0.55% to $40.473.79.