3-Month Eurodollar Sep '27 (GEU27)

The S&P 500 Index ($SPX) (SPY) Wednesday closed down -0.34%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.70%. 

US stock indexes Wednesday settled mixed. Stock prices whipsawed higher Wednesday afternoon after bond yields tumbled when Fed Chair Powell said it was unlikely that the next policy rate move by the Fed would be a rate hike.  However, the broader market gave up its advance and turned lower into the close on the prospect of higher for longer interest rates. 

The overall market was also under pressure after Wednesday’s report on the Apr ADP employment change rose more than expected, which signals strength in the US labor market that reinforces the case for the Fed to hold off on interest rate cuts.  Also, an unexpected increase in the Apr ISM prices paid sub-index to a 1-3/4 year high signals persistent price pressures that are hawkish for Fed policy.

Corporate earnings results Wednesd... Read more