Stocks Slide and Bond Yields Rise as Fed Rate Cut Hopes Dwindle

The S&P 500 Index ($SPX) (SPY) today is down -0.35%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.75%.  March E-mini S&P futures (ESH25) are down -0.42%, and March E-mini Nasdaq futures (NQH25) are down -0.93%. 

Stocks today extended last Friday’s sharp losses, with the S&P 500 falling to a 2-1/4 month low and the Nasdaq 100 sliding to a 1-1/2 month low. Global stock markets are under pressure today from rising bond yields after last Friday’s stronger-than-expected US Dec payroll report diminished chances of additional Fed interest rate cuts.  The US 10-year T-note yield today climbed to a 14-month high, and the 10-year German bund yield rose to a 6-1/4 month high.