Stock indexes are down today, with the S&P 500, Dow Jones, and Nasdaq 100 hitting 1-week lows due to rising bond yields. US Q2 GDP revised up to +3.8%, personal consumption +2.5%, core PCE price index +2.6%. Weekly jobless claims fell to 2-month low of 218,000. Aug core capital goods orders rose +0.6%, existing home sales fell -0.2%.

Kansas City Fed President suggests no need for further rate cuts soon. Bitcoin price drops by over -2% at 2-week low. Corporate earnings outlook bullish, with 22% of S&P 500 companies expected to beat Q3 expectations. Markets await trade news. 84% chance of -25 bp rate cut at next FOMC meeting.

Overseas markets mixed, Euro Stoxx 50 down -0.40%, China’s Shanghai Composite down -0.01%, Japan’s Nikkei up +0.27%. 10-year T-note yield up to 4.183%. German bund yield hits 3-week high at 2.780%. Eurozone new car registrations up +5.3% y/y, M3 money supply up +2.9% y/y.

GfK consumer confidence survey in Germany rises to -22.3. Swaps predict 1% chance of ECB rate cut. Chip stocks weaken, impacting market. Bitcoin decline affects crypto-related stocks. CarMax down -22%, Oklo Inc down -7%. IBM up +5% on quantum computing success. Intel up +5% on investment talks with Apple. United Natural Foods up +2%, CME Group up +1%.

Earnings reports for Accenture PLC, CarMax Inc, Costco Wholesale Corp, Jabil Inc, and others released today. Author Rich Asplund does not hold positions in mentioned securities. Information provided for informational purposes only.

Read more at Nasdaq: Stocks Under Pressure as Strong US Economic Reports Boost Bond Yields