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US consumer confidence fell to a level not seen since 2014. The 30-year Treasury yield spiked to its highest point since 2002. The dollar strengthened, and the euro slid to a 16-month low. By all the usual rules, the S&P 500 should have collapsed. It merely pulled back modestly.
S&P 500 dynamics
A helping hand came from New York Fed president John Williams. He acknowledged that another act of monetary restraint in 2026 remains possible but said there is no need to rush after the September rate increase and that it is better to wait for further data. The short-term market cut the odds of a tightening in October from about 73% to roughly 53%. Evercore now thinks the Fed will pass on October and return to the question in December.
Pressure on the S&P 500 shows signs of US economic cooling. Consumers are judging labor market prospects more poorly. Job openings fell in August. Employers are cautious about hiring, even though layoffs remain rare. That is a warning bell for equities because consumer demand has been the engine of growth.
Treasury yield dynamics
A negative factor for the broad equity index is the sell-off in Treasuries. Investors are demanding a larger premium for holding long-dated paper. They are alarmed by persistent inflation, the US public debt near $40 trillion, and a wave of corporate borrowing to build AI infrastructure. The 30-year yield is rising like a snowball.
Wells Fargo's revision is also adverse for the tech sector. The bank cut its rating on the industry from positive to neutral. Since its prior forecasts in April, the S&P 500 information technology sector has risen about 37%, while the broad index has gained 16%. Investor expectations look stretched, and tech giants' debt is rising rapidly.
Relief for the market came from falling oil. The Trump administration ordered a further release from strategic reserves, and Brent eased. According to JP Morgan, crude flows have recovered to about 17.5 million barrels per day, roughly 98% of pre-war levels. Diesel and gasoline supplies lag and are only about 58%. Goldman Sachs calculates that Persian Gulf exports have returned to 2025 averages. US-Iran ceasefire talks are still stalled, but the oil market no longer looks like a powder keg.
In summary, positives for the S&P 500 are John Williams's cautious rhetoric and lower oil prices. Negatives are 24-year highs in bond yields, weak consumer sentiment, and Wells Fargo's skepticism on the tech sector.
Technically, on the daily chart, the S&P 500 continues to trade in a dead zone. A move back above 7,700 would provide a basis to build long positions.
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