MarketWatch

Longer-term Treasury prices remained lower Monday, pushing yields up, after data on the services sector from the Institute of Supply Management came in better than economists expected. Ten-year note yields rose 4 basis points to 3.54%. ISM's index on the health of the non-manufacturing sector rose to 47 in June, from 44 in May and better than the 46 reading predicted by analysts surveyed by MarketWatch. Readings below 50 indicate contraction. Short-term Treasury prices remained higher, benefiting from renewed concerns about the trajectory for growth in the global economy, worries that weighed on equities to start the week.

The benchmark sector exchange-traded fund, Financial Select Sector SPDR Fund /quotes/comstock/13*!xlf/quotes/nls/xlf (XLF 11.33, -0.14, -1.22%) , was off 0.3% to 11.43 in morning trade. On Thursday, the ETF fell almost 3.5% after the U.S. Labor Department said the economy lost jobs at a faster pace in June than in May, suggesting the economic turnaround is further on the horizon. See full story. Analysts at Stifel, Nicolaus & Company Inc. were busy Monday revising their outlook on a number of credit card issuers amid new legislation that will significantly affect the industry.

First, the broker upgraded shares of American Express Co. /quotes/comstock/13*!axp/quotes/nls/axp (AXP 22.90, +0.63, +2.83%) to hold from sell, saying the firm is well positioned to manage new provisions in Card Act legislation that could hinder the overall credit card sector's profitability. "In our view, American Express is least exposed to the new rules due to its spend-centric model and low subprime exposure," wrote Chris Brendler at the broker in a note to investors. Additionally, concerns over the credit card maker's loan losses have abated, according to Brendler, as delinquencies dropped significantly in the current quarter.