10-Year T-Note Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) Friday closed down -1.04%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.38%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.79%.
Stock indexes Friday settled moderately lower. Weakness in technology stocks weighed on the overall market Friday after Apple, Alphabet, and Amazon.com reported disappointing quarterly earnings results. However, Apple erased early losses, moved higher, and pulled the indexes up from their worst levels.
Friday’s stronger-than-expected U.S economic reports on Jan payrolls and Jan ISM services sent bond yields soaring and weighed on stocks on concern the Fed will need to keep raising interest rates.
U.S. Jan nonfarm payrolls surged +517,000, much stronger than expectations of +188,000 and the largest increase in 6 months. Also, the Jan unemployment rate unexpectedly fell -0.1 to a 53-year low of 3.4%, showing a stronger labor market than expectations for an... Read more