US equity market investors will closely watch government bond yields, whose elevated levels are weighing on the stock market, as well as crude oil prices, in a week relatively light on macroeconomic data and earnings.

* Last week on Friday, the 10-year government bond yield rose, trading close to its strongest level since 2002, and the 30-year also climbed, hovering near its loftiest level since 2002, even after September's nonfarm payrolls notably lagged the forecast, while July and August jobs were revised downward for a net reduction. The yields remained elevated even after the soft August personal consumption expenditures, or PCE, price index data, which is the Fed's preferred measure of inflation.

* Investors will look out for the movement in Treasury yields, which seem to have remained firm amid a significant decline in market expectations for an interest-rate cut in October to about 22% on Friday last week from almost 70% earlier in the week, according to data compiled by the FedWatch tool.

* A limited calendar this week will focus on ISM Services, the trade balance, claims, and University of Michigan consumer sentiment/inflation expectations, according to a note from Jefferies.

* Crude oil prices were mixed early Monday after the Saudi Arabia-led military coalition said more than 300 "high value targets" have been hit in Yemen as allied ground forces battle the Houthis, according to a report from Al Jazeera, a Middle Eastern broadcaster. "We are providing air support to back the Yemeni armed forces on the ground around the clock," spokesman Major-General Turki al-Maliki said on the social media platform X, according to the news report.

* Quarterly earnings due this week include Constellation Brands (STZ), Levi Strauss (LEVI), PepsiCo (PEP), and Delta Air Lines (DAL).