Yields Push the Indexes Down Again, But a Touch Less Than Before

Right now the S&P 500 sits at 7,586.38, down 0.44%, and the Nasdaq's at 26,009.61, off 0.68%. Three-plus hours to the close, but compared to my 12:10am brief, the S&P is actually 0.07 points less beaten up — a small breath of relief.

The pressure's coming from bond yields. Word that the 10-year hit 5% again, plus talk that the Fed might hike rates this week, seems to be what's weighing on risk assets. The dollar index is up 0.34% to 99.46 while the won slipped 0.26% to 1,344.64 — money's clearly drifting toward the dollar — and by sector, copper/mining and AI names are soft while cybersecurity is actually holding up strong. Yesterday's Korean session split, with the Kospi down and the Kosdaq up, and today's US session looks like it's carrying that same growth-stock pressure forward.

In my own book, HD Hyundai Electric is still deep red at -9.9% and Amazon at -12.9%, while Nvidia's at -0.7% and Freeport-McMoRan's holding a +2.8% gain. Into the close, I'm watching whether yields and the dollar keep moving with the Fed decision a day away, and whether today's Senate vote on the crypto bill stirs things up.