Twenty Minutes to the Bell, New York Holds Its Breath Under Rate Pressure

Right now the S&P 500 sits at 7,718.60, down 0.38%, and the Nasdaq's off 0.29% at 26,506.99 with about twenty minutes left before the bell. Unlike yesterday's Korean session, which closed red-hot with the Kospi up 4.61%, today's US market never caught that warm draft and is just quietly holding its breath instead. Word that the odds of a September Fed hike have climbed to 60% is pushing the 10-year yield to test the 5% line, and that's the pressure that's been nudging the indexes lower all afternoon. Energy and clean energy names had a strong day while cybersecurity and copper/mining names lagged, and I'm just sitting on my marks — Duksan Neolux down 4.7%, Amazon down 9.7%, Alphabet down 9.5%, Eaton down 9.5% — waiting for the closing bell. With twenty minutes on the clock, the last thing I'm watching is whether that 10-year yield actually breaks above 5%.