The S&P 500 Index ($SPX) (SPY) Tuesday closed down -0.72%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.00%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.94%.
Stock indexes Tuesday posted moderate losses, with the S&P 500, Dow Jones Industrials, and Nasdaq 100 falling to 1-1/2 week lows. Stocks were undercut as the 10-year T-note yield climbed to a 4-month high Tuesday on negative carryover from Monday when the US Mar ISM manufacturing index expanded by the most in 1-1/2 years, dampening the outlook for Fed rate cuts. Stocks maintained moderate losses and bond yields remained higher after Tuesday’s US factory orders and job openings reports were stronger than expected, a hawkish factor for Fed policy.
