SPX futures daily
The dynamic recently has been — weaker dollar, lower yields, higher stocks.
Today will be a challenge of that with yields down 4-6 bps across the curve and the dollar higher, particularly USD/JPY (up 75 bps).
Fed pricing shows a 28% chance of a 50 bps cut, which is back to where it was before the non-farm payrolls revisions. There is some focus on hawkish comments from the Fed’s Schmid.
Movers include Snowflake, down 9% while Urban Outfitters are down 15% after same store sales fell 9.3% in another sign that housing-related sectors are suffering from high rates and a lack of turnover in real estate.
