Ultra 10-Year T-Note Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) Monday closed down -0.54%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.99%.
Stocks on Monday settled moderately lower, with the Nasdaq 100 falling to a 3-week low. A jump in bond yields on Monday undercut technology stocks and weighed on the broader market. Bond yields moved higher on concern that the markets might be overly optimistic about the odds for the Fed to cut interest rates by Q2-2024.
The markets are awaiting reports this week on JOLTS job openings, ADP National Employment, and monthly U.S. payrolls to gauge the strength of the U.S. labor market to see if additional monetary tightening is appropriate.
On the negative side for stocks, higher bond yields undercut chip stocks and weighed on the technology sector. Also, Freeport-McMoRan closed down more than -4% as a sharp reversal in metals prices Monday weighed on mini... Read more