Major European indices close lower. US stocks lower. Yields are higher.

European indices are closing lower on the day:

• German DAX, -0.91%
• France CAC, -0.93%
• UK FTSE 100, +0.48%
• Spain’s Ibex, -0.40%
• Italy’s FTSE MIB, -0.97%

European yields are also higher:

• German 10 year yield reached a high of 2.647%. That was the highest level going back to November 27. Current yield 2.67%
• France’s 10-year yield also moved to its highest level since the end of November. It currently yields 3.127% after reaching a high of 3.149%.
• UK 10-year yields reach its highest level since November 3. It’s high-yield today reached 4.396% (currently at 4.37%).
• Italy 10-year reaches its highest level since December 12, 2023. The high-yield Ridge 4.035%. It is currently trading just below 4% at 3.998%.

As London/European traders look to exit for the day, US stocks remain under pressure:

• Dow Industrial Average down -588.0 points or -1.53% at 37872
• S&P index -60.18 points or -1.19% at 5011
• NASDAQ and that -256.24 points or -1.63% at 15456.34.

The small-cap Russell 2000 index is down -28.54 points or -1.43% at 1966.85.

US yields are moving higher. The 2-year yield extended back about the 5% level but is just below that level at 4.991% currently. The U.S. Treasury will auction 7-year notes at 1 PM ET

• 2-year yield 4.991%, +5.4 basis points
• 5-year yield 4.715%, +5.6 basis points
• 10 year yield 4.701%, +4.8 basis points
• 30-year yield 4.816%, +3.3 basis points.

This article was written by Greg Michalowski at www.forexlive.com.