US Markets
Stocks fade while oil and yields climb
A mixed tape leaves the major indexes lower, with energy the clear winner and small caps the weakest link.
U.S. stocks finish in the red, with the S&P 500 down 0.6% to 7686.1, the Nasdaq Composite off 0.6% to 26370.9, and the Dow down 0.7% to 53185.9. The Russell 2000 takes the hardest hit, falling 1.9% to 2956.5, a sign that smaller companies get less love than the mega-cap-heavy benchmarks.
Sector performance tells the story. Energy rises 2.7% and Discretionary adds 0.6%, while Comm Svcs is flat at 0.0%. On the other side of the ledger, Utilities fall 2.2%, Industrials drop 2.0%, Tech declines 1.1%, and Real Estate slips 1.2%.
The market also digests a jump in Treasury yields. The 5-year moves to 4.507, the 10-year to 4.758, and the 30-year to 5.249. At the same time, volatility stays contained by longer-term standards, even as the VIX rises 2.8% to 14.92.
Options flow leans defensive. SPY shows a put-call ratio of 1.21, and QQQ sits at 1.26, with puts outpacing calls in both funds.