The S&P 500 Index ($SPX) (SPY) today is down by -0.18%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.16%. September E-mini S&P futures (ESU25) are down -0.18%, and September E-mini Nasdaq futures (NQU25) are down -0.16%.
Stock indexes are under pressure today, with the Dow Jones Industrials falling to a 1-week low. Concerns about consumer spending are weighing on stocks after Walmart reported weaker-than-expected Q2 EPS. Also, higher bond yields are undercutting stocks, with the 10-year T-note yield up +3 bp to 4.32% after Kansas City Fed President Jeffrey Schmid said inflation risks are marginally higher than risks to the labor market and "modestly restrictive" monetary policy is still appropriate. Signs of strength in US manufacturing activity may also keep the Fed from cutting interest rates after the Aug S&P manufacturing PMI unexpectedly expanded at the fastest pace in three years.
