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The S&P 500 Index is down 0.83%, the Dow Jones is down 0.42%, and the Nasdaq 100 is down 1.16% as of today, marking a decline for three consecutive sessions. This downturn has led to 1-week lows for these indices, with December E-mini S&P futures down 0.80% and December E-mini Nasdaq futures down 1.12%. Rising bond yields, driven by stronger-than-expected U.S. economic data, are undercutting stock prices.
U.S. Q2 GDP was revised upward to 3.8%, exceeding expectations of 3.3%. Weekly initial unemployment claims fell by 14,000 to 218,000, indicating a stronger labor market than the estimated 233,000. Meanwhile, the 10-year T-note yield reached a three-week high of 4.192%. Market participants are pricing in an 84% chance of a 25 basis point rate cut at the next FOMC meeting on October 28-29.
Bitcoin is also experiencing a decline of over 2%, hitting a two-week low ahead of the expiration of $17 billion in options this Friday. In stock performances, CarMax reported Q2 net sales of $6.59 billion, falling short of the $7.01 billion consensus, leading to a decline of over 20% in its shares.
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