The S&P 500 Index ($SPX) (SPY) is down by -0.41% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.58%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.68%. December E-mini S&P futures (ESZ26) are down -0.48%, and December E-mini Nasdaq futures (NQZ26) are down -0.70%.
Stock indexes are under pressure today, with the Dow Jones Industrials falling to a 1-week low as higher crude oil prices fuel inflation concerns and push up bond yields worldwide. WTI crude is up more than +2% today after an Iranian official warned Iran may expand the war to the Indian Ocean if the US or Israel attacks again.
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The jump in crude oil prices has sparked a sell-off in global bond markets, with the 10-year T-note yield climbing to a 19-year high of 5.15%, the German 10-year Bund yield rising to a 17-year high of 3.59%, and Japan's 10-year JGB bond yield soaring to a 30-year high of 3.09%. The surge in bond yields is weighing on interest rate-sensitive technology stocks today, with chipmakers and AI-infrastructure stocks retreating.
However, stocks recovered from their worst levels on signs of strength in the US economy after weekly jobless claims unexpectedly fe...