US interest rates have finally taken a toll on the S&P index. The 10-year yield is up around five basis points and the two-year is up 6.2 basis points. That rising rates has been able to wear away at the S&P gains seen after Nvidia’s strong earnings after the close.
S&P gains have been worn away thanks to higher rates
Although the NASDAQ index is still higher on the day. The S&P index has now turned into negative territory. The current price is down around -6.4 points or -0.12% at 5299.60. The S&P index was up as much as 34.86 points at session highs.
The index also treated to new all-time highs but is back below the high closing level of 5321.42. So although Nvidia shares are up over $110 or 11.70%:
- Interest rate rise > Impact from Nvidia earnings