S&P 500 E-Mini Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) this morning is down -0.76%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.80%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.70%.
Stocks this morning are moderately lower. Stocks are under pressure today 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 today. Stock indexes briefly erased their losses this morning when T-note note yields temporarily fell after weekly U.S. jobless claims rose more than expected to a 5-week high.
Stocks extended their losses this morning after hawkish comments today from Minneapolis Fed President Kashkari pushed T-note yields higher when he said the Fed is "quite a ways away" from a pause in interest rate hikes. The 10-year T-note yield is up +7.9 bp to 3.830%.
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