The S&P 500 Index ($SPX) (SPY) today is down by -0.26%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.31%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.20%. December E-mini S&P futures (ESZ25) are down -0.28%, and December E-mini Nasdaq futures (NQZ25) are down -0.20%.
Stock indexes are moving lower today, pressured by higher bond yields. The 10-year T-note yield climbed to a 2.25-month high today at 4.19% and is up +4 bp to 4.18%. However, stocks have support on expectations that the Fed will cut interest rates following the 2-day FOMC meeting that ends on Wednesday. Market seasonals are also supportive of stocks, as December is typically a bullish month. Strength in chip stocks today is providing a bullish backdrop to the overall market.
