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Please click here for a chart of S&P 500 ETF (SPY) which represents the benchmark stock market index S&P 500 (SPX).

Note the following:

  • There have been three negative developments today that should have dragged the stock market down.  Here are the three developments:
    • The chart shows when leading indicators were released.  Leading indicators came at -0.6% vs. -0.5% consensus.
    • Yields are rising.  Rising yields are normally negative for stocks, especially tech stocks.
    • Three Fed speakers have been extra hawkish today.