Rate Talk Pushes the Nasdaq One Step Further Back at Lunch

Right now the S&P 500 sits at 7,777.45, down 0.31%, and the Nasdaq at 27,382.84, down 0.57%. Against the 00:10 brief, the S&P 500 is another 0.01%p lower and the Nasdaq 0.11%p lower, so the big picture hasn't changed. Only the tech side got a touch heavier.

Waller's words and a bear flattener cast the shade

I'm picking one thread for the why: rates. Fed Governor Waller said more hikes may be needed but stopped short of calling for one right now, and Treasuries answered with a bear flattener. Dalio added that rising bond yields could eat into corporate cash flow. The dollar index is up too, at 102.24 (+0.40%), so it makes sense to me that the rate-sensitive Nasdaq took more of the weight. By sector, utilities and cybersecurity are firm while biotech lags.

The last Korean session (10/8 close) ended with KOSPI at -2.62% and KOSDAQ at -0.69%. That one is already in the books. Today's U.S. tape picked up the weakness but with far shallower losses. My public holdings read HD Hyundai Electric -22.8%, Orion -14.2%, KB Financial -7.7% and Hyundai Rotem -6.3%. Those are accumulated marks, not today's moves.

Three hours twenty to the close: eyes on yields and the dollar

For the rest of the session I'll watch whether the tension in Treasuries eases and whether the dollar index's +0.40% stretches further. I'll also see if the Nasdaq's -0.57% widens its gap with the S&P 500. I still haven't found a reason to hurry.