Still down but off lows

The major US stock indices are still lower on the day but making a comeback.

  • The NASDAQ is down 9.8 points or -0.13% at 7496. The earlier high came in at 7500. The low reach the 7459.68
  • The S&P is down -7 points or -0.25% at 2865.82. The low reached 2854.83, The high extended to 2870.62
  • The Dow is down 70 points or -0.26% at 26546. The high reached 26608.90 while the low extended to 26453.75.

The fall in stocks is partly being attributed to higher yields. The 10 year yield is trading at 2.7029% up 4.3 basis points. That is off the high reached earlier at 2.7254%. Yields are getting a boost on expectations that the FOMC may inch up their rate expectations for 2018. The market priced in a 27% chance that there would be for Fed tightening its in 2018. That is up from 10% chance a month ago.