10-Year T-Note Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Friday closed down -0.23%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.31%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.05%.
Stocks on Friday settled mixed, with the S&P 500 sliding to a 3-1/4 month low and the Dow Jones Industrials falling to a 2-1/4 month low. The broader market Friday was under pressure from hawkish comments from several Fed members who signaled interest rates may have to be higher for longer. Friday's decline in bond yields prompted some short covering in technology stocks and kept the Nasdaq 100 in positive territory.
The U.S. Sep S&P manufacturing PMI rose +1.0 to 48.9, stronger than expectations of 48.2.
Fed comments Friday were on the hawkish side and negative for stocks. Fed Governor Bowman said, "I continue to expect that further rate hikes will likely be needed to return inflation to 2% in a timely way." Also, Boston Fed President Collins said, "I... Read more