Ultra T-Bond Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Wednesday closed up +0.81%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.39%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.45%.
Stocks on Wednesday closed moderately higher as lower bond yields temporarily eased interest rate concerns and supported gains in stocks. T-note yields fell after the monthly ADP employment report showed fewer jobs than expected, a dovish factor for Fed policy. Stock indexes fell back from their best levels as energy stocks declined after crude prices tumbled more than -5% to a 5-week low. Also, the stronger-than-expected Sep ISM services and Aug factory orders reports lifted T-note yields from their lowest levels and weighed on stocks.
The U.S. Sep ADP employment change rose +89,000, weaker than expectations of +150,000 and the smallest increase in over 2-1/2 years.
The U.S. Sep ISM services index fell -0.9 to 53.6, stronger than expectations of 53.5. Read more