The S&P 500 Index ($SPX) (SPY) today is down by -0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.33%. December E-mini S&P futures (ESZ25) are down -0.03%, and December E-mini Nasdaq futures (NQZ25) are up +0.30%.
Stock indexes are mixed today. Higher bond yields are negative for stocks, as the 10-year T-note yield climbed to a 2-week high today of 4.16% and is currently up +1 bp. However, stocks have support on expectations that the Fed will cut interest rates following the 2-day FOMC meeting that ends on Wednesday. Market seasonals are also supportive of stocks, as December is typically a bullish month. Strength in chip stocks today is providing a bullish backdrop to the overall market.
