Canadian Dollar Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) this morning is down -1.50%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -1.54%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.91%.
U.S. stocks this morning are sharply lower as surging T-note yields are sending technology stocks tumbling and weighing on the overall market. The 10-year T-note yield climbed to a 2-year high today at 1.854%. Also, Goldman Sachs is down more than -8% today to undercut bank stocks after it reported weaker than expected Q4 trading revenue. Stocks maintained sharp losses this morning on weaker than expected U.S. economic data.
Today’s U.S. economic data is bearish for stocks. The U.S. Jan Empire manufacturing survey general business conditions fell -32.6 to -0.7, weaker than expectations of 25.0 and the steepest pace of contraction in 19 months. Also, the Jan NAHB housing market index unexpectedly fell -1 to 83, weaker than expectations of no change at 84.
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