Wall Street drifts in quiet trading at the start of a holiday-shortened week

U.S. stocks are drifting in quiet trading ahead of what could be a quiet, holiday-shortened week. The S&P 500 was off 0.1% in early trading Monday, near its record set on Thursday. The Dow Jones Industrial Average was down 127 points, and the Nasdaq composite was up 0.1%. Treasury yields rose, which added some pressure on the stock market. The move higher in yields erased some of the slack created last week when better-than-expected reports on inflation pumped optimism into financial markets that the Federal Reserve would cut interest rates later this year. Markets will be closed Wednesday for the Juneteenth holiday.