The S&P 500 Index ($SPX) (SPY) is down by -0.48% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.33%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.73%. December E-mini S&P futures (ESZ26) are down -0.48%, and December E-mini Nasdaq futures (NQZ26) are down -0.73%.
Stock indexes are under pressure today after crude prices erased an overnight decline and rose more than +1%, lifting bond yields and undercutting market sentiment. The 10-year T-note yield jumped to a 19-year high of 5.06% today and raised the odds of a Fed rate hike at next month’s FOMC meeting to 75% from 53% yesterday. Chipmakers and AI-infrastructure stocks are also sliding today, weighing on the broader market and giving back some of Tuesday’s gains that pushed the Nasdaq 100 to a new record high.
