All the major indices are now lower on the day with the Dow more recently turning negative and giving up a 605.23 point gain.

  • Dow -99 points or -0.29% at 34068
  • S&P -29 points or -0.66% at 4321.32
  • Nasdaq -163 points or -1.2% at 13377
  • Russell 2000 -39.97 points or -2.03% at 1936

Last year it was largely about not being able to keep a down market down. This year, there have been a number of rallies, that have fizzled and given up the gains.

In the US debt market the curve continues to flatten with the 2 year up 8 basis points while the 10 year is down around 6 basis points on the day.

US yields
The US yield curve flattens

The 2-10 year spread has moved to the lowest level since November 2020 as the market prices in higher rates from the Fed and slowing economy.

US 2-10 year spread
US 2-10 year spread

There is now a 59% chance of a 5th hike in December.

Fed rate hike probability