The S&P 500 Index ($SPX) (SPY) closed up by +0.19% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.31%. December E-mini S&P futures (ESZ26) rose +0.20%, and December E-mini Nasdaq futures (NQZ26) rose +0.34%.
Stock indexes recovered from losses on Thursday and settled higher after bond yields fell from multi-decade highs, spurring gains in stocks. Comments from Fed Vice Chair Philip Jefferson sparked short covering in T-notes on Thursday when he said it may take more time before policymakers can judge whether further interest rate increases are needed to slow inflation. The 10-year T-note yield fell from a 24-year high of 5.34% and finished down -5 bp at 5.24%. Mr. Jefferson’s comments reduced the chance of a Fed rate hike at this month’s FOMC meeting to 26% from 70% on Monday.
