The S&P 500 Index ($SPX) (SPY) today is down -0.21%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.21%. March E-mini S&P futures (ESH25) are down -0.11%, and March E-mini Nasdaq futures (NQH25) are down -0.06%.
Stocks are under pressure today due to rising global bond yields. The US 10-year T-note yield rose to an 8-1/2 month high, the UK 10-year gilt yield rose to a 16-year high, and the Japanese 10-year JGB yield soared to a 13-year high. Stocks are also being undercut by concern about President-elect Trump’s tariff plans. CNN reported today that Trump is considering declaring a national economic emergency to push through his tariff plans. Stocks remained lower on mixed US labor market news that showed the Dec ADP employment change rose less than expected, but weekly initial unemployment claims unexpectedly fell to a 10-1/2 month low.
