E-Mini S&P 500 Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Friday closed down -1.51%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.71%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.73%.
Stocks on Friday gave up an early advance and sold off the remainder of the day, with the S&P 500, the Dow Jones Industrials, and the Nasdaq 100 falling to 1-3/4 year lows. Hawkish Fed comments Friday pushed T-note yields higher and undercut stocks. The 10-year T-note yield rose +2.2 bp to 3.808%.
Stocks were also pressured Friday after U.S. economic news showed August personal spending and inflation data topped expectations, bolstering inflation concerns and strengthening the likelihood for the Fed to maintain its aggressive monetary tightening campaign.
A slump of more than -12% in Nike Friday undercut apparel makers and weighed on the overall market after Nike reported a surge in inventory and disappointing profitability. Also, cruise line operato... Read more