Stocks were little changed as traders weighed earnings from some of the largest American banks and comments from two Federal Reserve officials who favor continued rate hikes to fight inflation.

The S&P 500 edged higher. The Cboe Volatility Index hit its lowest since January 2022, remaining below 17. Goldman Sachs Group Inc. fell as its results showed traders failed to capitalize on Wall Street’s fixed-income boom, contributing to firmwide revenue that trailed estimates. Bank of America Corp. rose after profit beat expectations.

“It’s so early in the reporting season, it’s really hard to make too much out of what’s going on,” said Tony Roth, chief investment officer at Wilmington Trust. Regional banks are due to report results in the coming days and weeks, and “that will give us a better sense of how they’re doing.”

Treasury two-year yields, which are more sensitive to imminent policy moves, rose to 4.2 per cent. Fed Bank of Atlanta President Raphael Bostic told CNBC he favors raising rates one more time and then holding them above 5 per cent for some time to curb inflation. His St. Louis counterpart James Bullard, who’s been among the more hawkish policymakers, separately told Reuters that he favors getting rates into a 5.5 per cent to 5.75 per cent range. The current benchmark sits between 4.75 per cent and 5 per cent.

Tesla Inc. declined ahead of its first-quarter results, which will come out after the market close on Wednesday. Investors are focused on the electric automaker’s profit margins, which likely took a hit as the company slashed prices to spur demand throughout the quarter.

Bitcoin’s 2023 rebound has resumed after stalling around the closely watched US$30,000 level, despite the latest U.S. crypto crackdown and a more sober assessment of the outlook for monetary policy.

Oil was little changed as the bullish impetus from OPEC+ production cuts faded against a backdrop of weaker-than-expected demand. Gold halted a two-day losing streak. U.S. natural gas rose as colder weather conditions are expected to boost heating demand later this month.

Key events this week:

• Eurozone CPI, Wednesday
• Fed releases Beige Book, Wednesday
• Fed’s John Williams gives a speech, Wednesday
• Fed’s Austan Goolsbee is interviewed on NPR, Wednesday
• China loan prime rates, Thursday
• Eurozone consumer confidence, Thursday
• U.S. initial jobless claims, existing home sales, index of leading economic indicators, Thursday
• ECB issues report on March policy meeting, Thursday
• Fed’s Christopher Waller speaks at cryptocurrency-focused event, Thursday
• Fed’s Patrick Harker speaks on “monetary policy and housing”, Thursday
• Fed’s Loretta Mester discusses the economic and policy outlook, Thursday
• Fed’s Raphael Bostic discusses regional and national economic conditions, Thursday
• Fed’s Michelle Bowman and Lorie Logan speak at event, Thursday
• PMIs for Eurozone, Friday
• Japan CPI, Friday
• Fed’s Lisa Cook discusses economic research at an event, Friday

Some of the main moves in the market:

Stocks

• The S&P 500 was little changed as of 4 p.m. New York time
• The Nasdaq 100 was little changed
• The Dow Jones Industrial Average was little changed
• The MSCI World index rose 0.2 per cent

Currencies

• The Bloomberg Dollar Spot Index fell 0.2 per cent
• The euro rose 0.4 per cent to US$1.0971
• The British pound rose 0.4 per cent to US$1.2426
• The Japanese yen rose 0.3 per cent to 134.08 per dollar

Cryptocurrencies

• Bitcoin rose 2.6 per cent to US$30,211.05
• Ether rose 0.1 per cent to US$2,079.28

Bonds

• The yield on 10-year Treasuries declined two basis points to 3.58 per cent
• Germany’s 10-year yield was little changed at 2.48 per cent
• Britain’s 10-year yield advanced six basis points to 3.75 per cent

Commodities

• West Texas Intermediate crude was little changed
• Gold futures rose 0.5 per cent to US$2,017 an ounce