The stock indices fluctuated at the close of today’s trading. S&P 500 and Nasdaq 100 both experienced declines of 0.03% and 0.7%, respectively. The Dow Jones Industrial Average increased 0.45% in the meanwhile.
The session’s laggard was the communications sector, which lost 0.59%. On the other hand, the healthcare industry led the session with a gain of 0.65%.
Additionally, the yield on the 10-year Treasury note in the United States rose by more than three basis points to 3.7%. In a similar vein, the yield on the two-year Treasury note climbed and is currently at about 4.47%. The difference between them now stands at -77 basis points.
The market is putting in a larger likelihood of a lower Fed Funds rate for June 2023 than it did yesterday. In fact, compared to last week’s predictions of 27.5%, the market now anticipates a rate in the range of 4.75% to 5%.
The market is currently also giving a range of 5.25% to 5.5% a 19% likelihood. As a point of comparison, investors predicted a 22.5% possibility last week.