Stocks Pressured as Bond Yields Rise and Chip Stocks Fall

The S&P 500 Index ($SPX) (SPY) is down by -0.06%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.28%.  December E-mini S&P futures (ESZ25) are down -0.07%, and December E-mini Nasdaq futures (NQZ25) are down -0.31%.

Stock indexes are under mild pressure today, with the S&P 500 and Dow Jones Industrials falling from 3-week highs.  Higher bond yields today are weighing on the broader market, with the 10-year T-note yield up +3 bp to 4.09%.  Today’s decline in initial jobless claims to a 3-year low was hawkish for Fed policy and pushed T-note yields higher.