The S&P 500 Index ($SPX) (SPY) today is down -1.17%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.72%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -2.03%.
Stocks today extended Thursday’s decline, with the S&P 500 and the Dow Jones Industrials falling to 1-week lows and the Nasdaq 100 falling to a 1-1/2 week low. Signs of a hawkish Fed have pushed the 10-year T-note yield up to a 5-1/2 month high today, pressuring stocks. On Thursday, Fed Chair Powell signaled the Fed was in no hurry to cut interest rates. Also, Boston Fed President Collins shared that view when she said today that a December interest rate cut by the Fed isn't a "done deal." The hawkish Fed comments reduced the chances of a Fed rate cut next month to 55% from 82% a day ago. Stocks added to their losses as bond yields rose further after today’s US economic news showed that retail sales and the Nov Empire manufacturing survey rose more than expected, a hawkish factor for Fed policy.
