Stocks Retreat as Bond Yields Jump on Diminished Fed Rate Cut Prospects

The S&P 500 Index ($SPX) (SPY) this morning is down -1.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -1.09%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.47%. 

Stock indexes this morning are moderately lower, with the S&P 500, Dow Jones Industrials, and Nasdaq 100 falling to 1-1/2 week lows.  Higher bond yields are undercutting stocks as the 10-year T-note yield climbed to a 4-month high today on negative carryover from Monday when the US Mar ISM manufacturing index expanded by the most in 1-1/2 years, dampening the outlook for Fed rate cuts.