The S&P 500 Index ($SPX) (SPY) today is up +0.42%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.64%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.32%. June E-mini S&P futures (ESM26) are up +0.40%, and June E-mini Nasdaq futures (NQM26) are up +0.30%.
Stock index futures recovered from overnight losses and turned higher today as falling T-note yields sparked short covering. The 10-year T-note yield is down -8 bp to 4.35% on fears that the war in the Middle East will lead to a fuel shortage that derails global economic growth, offsetting inflation fears and possibly keeping the Fed from raising interest rates.
