S&P 500 E-Mini Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Thursday closed down -0.20%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.08%.
Stocks on Thursday posted moderate losses. Stocks were under pressure the entire day as hawkish Fed comments pushed bond yields higher. The 10-year T-note yield rose +6.5 bp to 3.818%. The continuous string of hawkish rhetoric from Fed members Thursday further dampened any expectations of a dovish Fed pivot. Stocks early Thursday found brief support when T-note note yields temporarily fell after weekly U.S. jobless claims rose more than expected to a 5-week high.
Stocks were under pressure Thursday on concern the decision by OPEC+ Wednesday to cut its crude output by -2.0 million bpd will boost crude oil prices and keep inflation elevated for longer, which will keep aggressive Fed rate hikes in play. Nov WTI crude climbed to a 3-week high Thursday.<... Read more