The S&P 500 Index ($SPX) (SPY) on Tuesday closed down -0.40%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.98%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.13%. September E-mini S&P futures (ESU25) fell -0.50%, and September E-mini Nasdaq futures (NQU25) were unchanged.
Stock indexes rallied early Tuesday due to a favorable core CPI print of +0.2% m/m, but then faded as T-note prices fell and as expectations for a Fed rate cut in September were trimmed to 58% from 65%. The 10-year T-note yield rose +5 bp, and the 30-year T-bond yield rose back above the 5% mark for the first time in 6 weeks.
