$SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$
Market Pullback: Fading Reopening Hopes and Tech Drag:
Stocks are declining today, with much of the prior enthusiasm for the U.S. government’s reopening already reflected in prices. Pressure from underperforming chipmakers and a downturn in the Magnificent 7 tech giants is weighing on broader indexes.
Rising Treasury note yields are further eroding stock support, fueled by hawkish Federal Reserve remarks that have lowered the odds of a rate cut at next month’s FOMC meeting to 53% from 70% a week ago.
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