The S&P 500 Index ($SPX) (SPY) this morning is down -0.62%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.91%.
Stocks this morning gave up overnight gains and are moving lower with the Nasdaq 100 falling to a 1-1/2 week low. Inflation concerns are undercutting T-note prices, pushing yields higher and weighing on stocks as the 10-year T-note yield climbed to a 2-week high after today’s economic news showed the US Feb import price index ex-petroleum unexpectedly increased. That added to this week’s disappointing reports on US consumer and producer prices, bolstering expectations for the Fed to delay interest rate cuts further.
