The major US stock indices are trading lower as concerns about higher yields weigh on the prices.
A snapshot of the market currently shows:
- Dow industrial average -111.77 points or -0.33% at 33321.59
- S&P index -20.79 points or -0.48% at 4267.61
- NASDAQ index -90.19 points are -0.68% at 13217.58
looking at the different sectors of the S&P index, the consumer staples, industrials, and materials are the only rising sectors. The utility sector is down for the 4th consecutive day (-0.41%). Consumer discretionary's are the worst performer with a decline of -1.32%.
Looking at the US debt market, yields out-the-curve are still higher but off their highest levels. This may lead to some slowing of these stock declines. The 2-year yield is trading at new session lows and down on the day:
- 2-year yield 5.087%, -2.5 basis points
- 5-year yield 4.704% -1.2 basis points
- 10-year yield 4.695% +1.2 basis points
- 30-year yield 4.830% +3.4 basis points
