US Markets
Stocks Drift Lower as Yields and Oil Push Higher
The major U.S. averages slip, small caps outperform, and the volatility backdrop stays calm.
U.S. stocks finish mostly lower, with the S&P 500 down 0.2% at 7785.7598, the Nasdaq Composite down 0.3% at 26729.1641, and the Dow down 0.2% at 53732.4102. The Russell 2000 moves the other way, rising 0.5% to 3068.4153. The S&P 500 spends most of the session in a tight range after an early high near 7808, then edges down into the close.
Sector performance is mixed. Energy leads at 1.4%, followed by Utilities up 0.6%, Materials up 0.4%, Industrials up 0.4%, and Real Estate and Comm Svcs both up 0.4% or less. Tech falls 0.4%, Health slips 0.6%, Financials are down 0.2%, and Discretionary is down 0.2%. That leaves the tape with no broad risk-on or risk-off sweep, just a split market.
Volatility stays muted. The VIX drops 2.6% to 14.25, while the 9-day VIX plunges 37.0% to 10.61. The 3-month and 6-month measures also move lower, down 10.1% and 6.6%, respectively. That keeps the market’s short-term fear gauge well below its 50-day and 200-day levels.
Rates move the other way. The 5-year Treasury rises 1.1% to 4.362%, the 10-year climbs 1.2% to 4.696%, and the 30-year adds 1.0% to 5.265%. Credit proxies are softer, with LQD down 0.4% and MUB down 0.3%, while HYG dips 0.1%.