The major US stock indices are hitting the skids heading into the close. The NASDAQ is now down -1.7% trading a new session lows. The S&P index is also at session lows with a decline of -1.56%.
In the interest rate market, the rates are trading near highs out the yield curve is traders adjust toward a higher for longer Fed.
- The 10-year yield is trading up +14 basis points to 4.486%.
- The 30 year yield is the biggest mover with a gain of +16.3 basis points and trading at 4.5612%
The 30 year fixed rate mortgage is following the yield higher with a gain of 14 basis points to 7.47%. That is going to slow down the housing market.