Good morning, you're listening to Markets Desk, and here's where things stand right now.
Equities are under pressure today, with the Nasdaq one hundred leading the decline, off more than two percent as chip stocks take a meaningful hit. The S&P five hundred is down roughly two thirds of a percent, and E-mini futures are tracking the weakness in real time. This is a broad technology-led pullback, not a panic, but it is the kind of rotation that shakes conviction in growth positions.
Feeding into that cautious tone, bond traders are laser-focused on two upcoming data points — a Fed wage growth tracker due Friday and a June consumer inflation reading next Tuesday. Together, those figures will do a lot of work in either confirming or complicating the rate cut narrative. Mispriced rate expectations have a way of moving equities fast, so the bond market is essentially setting the table for next week.
Meanwhile, coffee prices are giving back some serious ground today, with arabica futures down more than nine percent and robusta off nearly five. Monday's parabolic rally pushed both contracts deep into overbought territory, and this is the market correcting that excess. Sharp commodity reversals like this often signal speculative positioning getting squeezed out rather than any fundamental shift in supply.
That's the tape. Markets Desk, signing off the floor.
