3-Month Eurodollar Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Tuesday closed down -0.42%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.18%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.15%.
Stock investors turned cautious ahead of Wednesday’s U.S. July CPI report, which will be a key factor for the Fed in determining the size of its rate hike at its next meeting on September 20-21. Stocks were also undercut by Tuesday’s +2 bp rise in the 10-year T-note yield and by poor labor-cost and productivity news.
The semiconductor sector was hit hard again due to the post-pandemic fall-out for computer and chip sales and gaming. Micron Technologies (MU) was the latest chip company to report a disappointing outlook. Chip-related companies littered the list of the largest losers in the Nasdaq 100 index on Tuesday.
Taiwan tensions continued after China on Tuesday held another day of military drills. Meanwhile, Taiwan on Tuesday announced its own liv... Read more