The S&P 500 Index ($SPX) (SPY) is down by -0.27% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.48%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.18%. December E-mini S&P futures (ESZ26) are down -0.32%, and December E-mini Nasdaq futures (NQZ26) are down -0.21%.
Stock indexes gave up an early advance today and turned lower, with the S&P 500 falling to a 1.5-week low and the Dow Jones Industrial sliding to a 3.5-month low. Ever-rising crude oil prices are raising inflation risks and pushing global bond yields higher, weighing on stocks. WTI crude oil is up more than +1% today, boosting inflation expectations and pushing the 10-year T-note yield up to a 24-year high of 5.34%. The 10-year UK Gilt yield also rose to a 19-year high of 5.50%, and the 10-year Japan JGB yield rose to a 30-year high of 3.13%. Massive government borrowing and strong investment in artificial intelligence infrastructure are also boosting demand for capital and pushing global bond yields higher. Stocks remained lower and bond yields remained higher after the Sep ISM prices paid sub-index rose more than expected to a 5-month high, signaling inflationary pressures.
