The S&P 500 Index ($SPX) (SPY) today is down -0.51%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.81%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.36%.
US stock indexes today are moderately lower, with the Dow Jones Industrials falling to a 3-1/2 week low. Stocks are lower on higher bond yields and concern that the Fed will keep interest rates higher. The 10-year T-note yield rose to a 3-1/2 week high today on the heels of Tuesday’s unexpected increase in US May consumer confidence and weak demand for the Treasury’s 2-year and 5-year T-note auctions. The markets must contend with additional supply pressures as the Treasury will auction $44 billion of 7-year T-notes this afternoon.
