The S&P 500 Index ($SPX) (SPY) this morning is down -0.95%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -1.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.13%.
Stock indexes today are trading lower, with the S&P 500 falling to a 3-week low and the Dow Jones Industrials dropping to a 1-1/2 month low. A surge in T-note yields today is weighing on stocks after US March CPI came in hotter than expected for a third straight month, bolstering expectations the Fed will be in no hurry to cut interest rates. Fed swaps prices have now priced in only 50 bp of rate cuts this year, less than the Fed’s recent dot-plot for 75 bp.
