The S&P 500 Index ($SPX) (SPY) today is down -0.23%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.16%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.39%. June E-mini S&P futures (ESM25) are down -0.22%, and June E-mini Nasdaq futures (NQM25) are down -0.38%.
Stock indexes today are under pressure as bond yields climb on concern the Fed will take a wait-and-see approach before cutting interest rates. The 10-year T-note yield today is up +4 bp at 4.49%. On Monday, Fed Vice Chair Jefferson and New York Fed President Williams said that they want to wait for more information before deciding on the future of interest rates and that it "may take months" to better understand tariffs and other policies from the Trump administration and the outlook for the economy. Stocks are also being weighed down by a negative carryover from last Friday when Moody's Ratings stripped the US of its top credit rating.
