The S&P 500 Index ($SPX) (SPY) today is down -0.12%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.19%.
Stocks today are mostly lower on long liquidation ahead of this afternoon’s speech from Fed Chair Powell. Also, some profit-taking is weighing on stocks as today’s strength in US economic news may keep the Fed from aggressively cutting interest rates. The 10-year T-note yield rose to a 4-1/2 month high today before turning lower after weekly initial unemployment claims fell more than expected to a 5-1/2 month low, and October producer prices rose more than expected, hawkish factors for Fed policy.
