The S&P 500 Index ($SPX) (SPY) today is up by +0.01%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.03%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.26%. December E-mini S&P futures (ESZ25) are up +0.01%, and December E-mini Nasdaq futures (NQZ25) are down -0.27%.
Stock indexes are mixed today amid rising global bond yields. The 10-year T-note yield rose to a 3-month high of 4.21% and the 10-year German bund yield climbed to an 8.75-month high of 2.90%. The markets are concerned that the FOMC will make a hawkish rate cut at the conclusion of today’s 2-day FOMC meeting, where they cut interest rates by -25 bp but signal a “long hold” in rates thereafter. Recent US economic news has shown the economy cooling while inflation remains above target, which may prompt the Fed to delay further rate cuts.
