Russell 2000 Micro Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Friday closed down -1.72%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.62%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.66%.
Stocks on Friday sold off sharply, with the S&P 500 and Nasdaq 100 falling to 3-month lows and the Dow Jones Industrials dropping to a 1-3/4 year low. Soaring global interest rates Friday sparked heavy long liquidation pressure in the stock market. The 10-year T-note yield Friday jumped to a 12-year high of 3.825%, the UK 10-year gilt yield jumped to an 11-year high of 3.848%, and the 10-year German bund yield rose to a 10-year high of 2.112%.
Stocks are being undercut by concern that the Fed’s resolve to fight inflation will push the economy into recession. The recession fears also hammered commodity prices, with crude plunging more than -5% Friday to an 8-month low, which fueled a sell-off in energy stocks.
Friday’s U.S. economic news was hawkish fo... Read more