As of today, the S&P 500 Index is down by 0.61%, the Dow Jones Industrial Average has fallen 0.10%, and the Nasdaq 100 Index has decreased by 1.76%. E-mini S&P and Nasdaq futures are down 0.68% and 1.88%, respectively. This decline is attributed to soaring global bond yields affecting technology stocks, driven by rising crude oil prices, which hit a three-week high due to ongoing tensions in the Middle East.
In economic news, July housing starts decreased by 12.4% month-over-month to 1.239 million, below expectations of 1.345 million, while building permits rose 5.0% to a five-month high of 1.443 million. Additionally, the July import price index (excluding petroleum) increased by 0.3%, and manufacturing production rose by 0.2%, aligning with forecasts. The market is currently pricing in a 35% chance of a 25 basis point rate hike at the next Federal Open Market Committee meeting on September 15-16.
On the stock front, chipmakers are under pressure; the iShares Semiconductor ETF is down over 5%. Meanwhile, software stocks are seeing gains, with Intuit rising more than 4%. Notably, Amylyx Pharmaceuticals has surged over 48% after positive clinical trial results.
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