Early session trading saw SPY mini futures open at 530.10, but sellers quickly capped gains near 531. AppLovin (APP) closed up more than +6% to lead gainers in the Nasdaq 100 after Phillip Securities initiated coverage on the stock with a recommendation of accumulate with a price target of $725. December 10-year T-notes ( ZNZ5 ) today are up +5 ticks. The 10-year T-note yield is down by -2.7 bp to 4.038%. Dec T-notes recovered from a 1-week low today and turned higher after the US Sep Empire manufacturing survey general business conditions fell -20.6 to a three-month low, a dovish factor for Fed policy. T-notes are also supported by expectations that the Fed will cut interest rates by at least 25 bp at the conclusion of the Tue/Wed FOMC meeting. Strength in stocks today is limiting gains in T-note prices. Overnight futures for SPY minis held steady despite weaker Asian equity markets, signaling localized U.S. resilience. Currency strength in USD is mildly dampening export-heavy sector valuations.
