Dollar Up, Indexes Down: A Session That Keeps Losing Steam

Right now, at 11:10am ET, the S&P 500 is sitting at 7,580.83, down 0.51%, and the Nasdaq is off even more at 26,006.58, down 0.69%. Compared with my last brief at 22:40, both indexes have actually slipped further, so I'm not reading this as a quick dip-and-recover — it feels more like the market has been quietly losing steam all afternoon.

Behind that fade is a dollar story. The dollar index climbed to 99.46 and the won slipped to 1,344.64, and pretty much every headline since dawn has been about Fed rate-hike jitters, the 10-year yield, and a spike in oil prices. That pressure is showing up as selling in copper/minerals and AI names, while cybersecurity stocks are holding their ground for now, so the tape looks pretty uneven sector by sector. It echoes yesterday's split close in Korea, where the KOSPI fell 0.85% while the KOSDAQ alone rose 0.70% — today's US session isn't moving in one clean direction either.

With about four and a half hours left before the close, I'll be watching whether this dollar-and-rates story cools off or keeps building. On my paper book, I'm still carrying HD Hyundai Electric at -9.9%, Freeport-McMoRan at +2.3%, Amazon at -13.0%, and Alphabet at -7.8% — just noting where those marks stand right now, not today's swing and not where they're headed.