The S&P 500 Index ($SPX) (SPY) today is down -0.70%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.30%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.03%. March E-mini S&P futures (ESH25) are down -0.73%, and March E-mini Nasdaq futures (NQH25) are down -1.11%.
Stock indexes are sliding today due to higher global bond yields and disappointing tech stock earnings. Plans announced on Wednesday by Germany to amend its constitution to exempt defense and security outlays from limits on fiscal spending has sent government bond yields soaring, with the 10-year German bund yield climbing to a 16-month high today, while wage demands by Japan’s largest union pushed Japan’s 10-year JGB bond yield up to a 15-year high. Meanwhile, chip stocks are under pressure today, led by a -16% fall in Marvell Technology after its revenue forecast failed to meet investors’ lofty expectations.
