Fed Speakers and Treasury Auctions Keep Wall Street Flat After Rally

U.S. stocks remained flat as investors awaited guidance from Federal Reserve policymakers on the central bank's policy path and anticipated a large amount of bond supply hitting the market. Last week's weaker-than-expected U.S. payrolls report led to expectations that the Fed may cut interest rates next year, resulting in the biggest weekly gains for the S&P 500 and Nasdaq since November 2022. Market expectations for a rate cut in May 2024 have grown to over 50%. Investors will be looking for more clarity on the Fed's intentions from officials speaking later in the week. Additionally, the yield on the benchmark ten-year Treasury note reversed course ahead of this week's Treasury auction. Dish Network shares plummeted after missing revenue estimates and Bumble shares fell as the dating app's CEO announced her departure.