The Money Edit

Opening bell

Opening bell

S&P 500 7,818.93 0.6%
S&P futures 7,868.50 0.1%
Brent crude $101.77 1.2%
Nikkei 225 0.4% to 70,258
STOXX 600 1.0%
10 year Treasury yield 5.275%
Gold 0.7% to $4,159.40
India repo rate to 5.5%

Records in New York, selloff in Europe

Overnight

US markets closed at record highs on Tuesday, with the S&P 500 up 0.58 percent to 7,818.93, the Dow up 0.49 percent to 51,521.28 and the Nasdaq Composite up 0.45 percent to 27,599.79, helped by gains in AI chip names and a 10 year Treasury yield that eased about 4 basis points to 5.275 percent. Asia was mixed overnight, with Japan's Nikkei 225 up 0.4 percent to 70,258.02 while Australia's ASX 200 slipped 0.09 percent to 8,727 and Korea's Kospi opened weak on memory chip selling. Europe then turned sharply lower this morning, with the STOXX 600 down 1 percent, Germany's DAX down 1.29 percent and France's CAC 40 down about 1.2 percent, as government bond yields rose again and Brent crude climbed 1.18 percent to 101.77 dollars a barrel.

What to watch

The main event is the minutes from the Federal Reserve's September 15 and 16 policy meeting, which is the written record of what officials actually argued about behind closed doors, and traders will read it for how many of them are leaning toward further rate cuts. With oil back above 100 dollars and long term yields rising, any sign in the minutes that policymakers are more worried about inflation than about jobs would be the trigger for a sharper move in both bonds and stocks. On the company side, Levi Strauss and Applied Digital report earnings, the first a read on how willing shoppers are to spend on clothing and the second a read on demand for AI data centre capacity.

Sources