Stocks Pressured as Bond Yields Climb on Strong US Economic News

The S&P 500 Index ($SPX) ( SPY ) today is down -0.28%, the Dow Jones Industrials Index ($DOWI) ( DIA ) is up +0.51% and the Nasdaq 100 Index ($IUXX) ( QQQ ) is down 0.80% .

The Senate narrowly passed the Republican reconciliation bill 51-50 earlier today, which now goes back to the House for consideration.

The dollar index fell to a 3-1/3 year low today as the nonpartisan Congressional Budget Office estimates that the bill would add nearly $3.3 trillion to US budget deficits over the next decade .

Speculation that Congress is close to passing President Trump ’s tax and spending bill has sparked some weakness in T-note prices.

Congressional Budget Office estimates that the bill would add nearly $3.3 trillion to US deficits over the next decade .

T-notes were also boosted as positive trade news has bolstered hopes for smaller-than-expected tariffs.

Weakness in chip stocks is a negative factor for the overall market.

Nike ( NKE ) is up more than +3% to lead gainers in the Dow Jones Industrials after Argus Research upgraded the stock to buy from hold with a price target of $ 85 .

PKG ( PKG ) acquired Greif Containerboard for $1.8 billion , and Barclays said the purchase will increase PKG ’s capacity to 6.0 MMT , holding its place as the third largest containerboard maker in the US .