Strength in U.S. Economic News Boosts Bond Yields and Weighs on … – Barchart
What you need to know…
The S&P 500 Index ($SPX) (SPY) today is down -0.83%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.52%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.03%.
Stock indexes this morning are moderately lower, with the S&P 500, Dow Jones Industrials, and Nasdaq 100 indexes falling to one-week lows. Stocks opened lower this morning on negative carryover from a fall in the Euro Stoxx 50 to a 1-1/2 week low on weaker-than-expected Eurozone economic news. Losses in stocks accelerated as bond yields jumped after today’s Aug ISM services report expanded more than expected, bolstering speculation the Fed will keep interest rates higher for longer.
The U.S. Aug ISM services index unexpectedly rose +1.8 to a 6-month high of 54.5, stronger than expectations of a decline to 52.5.
The U.S. Jul trade deficit widened to -$65.0 billion from -$63.7 billion in June, a smaller deficit than expectations of -$68.0 billion.
Boston Fed President Collins said it’s…
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