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Market check: Dow clings to gains, bonds yields move modestly lower

Yahoo Finance's Julie Hyman breaks down how stocks and bonds are moving as earnings roll in and the Fed is set to raise interest rates again.

Video Transcript

JULIE HYMAN: It is, of course, a jam-packed earnings week as investors also look ahead to the first FOMC meeting of the year. Checking in on the market action right now, we have just a tepid rally for the S&P 500, up about a quarter of 1%. The NASDAQ doing a little bit better-- up about a half of 1% and the Dow just hanging onto gains. But it's been sort of bouncing between gains and losses.

And as we continue to talk about the Fed, just want to take a look at bond yields here. Today, we are seeing not much movement here. 3.51% is where we find the yields. What we have seen this year is a little bit of downward trajectory for yields as well. That's one of the things that has been helpful to tech stocks.

But of course, we'll see if that changes. Really, the rhetoric coming out from the Fed tomorrow is going to be super important. And then, of course, we continue to watch earnings as well.

Here's a heat map of some of the big companies that have come out. We've talked about a lot of them. We're going to talk about Spotify a little bit later.

Whirlpool is one of those we haven't yet spoken about. The shares aren't moving much. They're just up about a third of 1%.

The company did come out with some more positive commentary for the full year, saying this year's revenue is going to fall 2% But that's not as big a drop as analysts had projected. It also said it's going to-- its expenses are going to go down by 800 and $900 million as inflation-- as cost inputs and things like steel and other things it uses to build its machines that they fall and operating margins improve. So the stock getting a little lift, but not a huge one here this morning. If you look at how it has done year to date, it's already up about 9%.