US stock market opens mixed with inflation concerns

By Ovunc Kutlu

ANKARA (AA) - Major indexes in the US stock market opened mixed on Monday amid rising volatility and inflation concerns created by the $1.9 trillion COVID-19 relief bill pushing bond yields higher.

The Dow Jones rose 149 points, or 0.5%, to 31,646 at 9.40 a.m. EDT (1440GMT), while the S&P 500 was flat around 3,851.

The Nasdaq, however, was down 47 points, or 0.4%, to 12,972 as tech stocks were under pressure with Zoom Video and Apple falling 1.5% each.

The VIX volatility index, also known as the fear index, was up 2.3% to 25.22, trimming investors' risk appetite.

The 10-year US Treasury yields, which is on its sixth consecutive weekly increase, rose another 2.2% to 1.589% after opening bell.

The sharp increase in yields in recent weeks has come with higher expectations of economic recovery from the pandemic, but also concerns about the possibility of rising inflation.

President Joe Biden's $1.9 trillion COVID-19 relief package, which passed the Senate on Saturday, has increased concerns that inflation could increase in the world's largest economy.

Biden said Saturday $1,400 direct payments to most Americans could be sent out this month after the House of Representatives approves the revised bill this week.