US equities closed mixed overnight. The Dow finished in the green up 92 points. Dow at best up 136 points, and at worst down 27 points. S&P 500 closed near session lows down 0.38%. NASDAQ down 1.29% as the market took profits after a month-long rally of megacap tech stocks ahead of key economic and policy events next week. Russell 2000 up +1.78%, a sign that investors are moving away from megacap growth stocks after their rally. European markets broadly lower, STOXX 50 -0.1% FTSE -0.1%, CAC -0.1%, and DAX -0.2%. ASX to slip today, with SPI futures down 13 points (-0.18%).

USD Index steady, up 0.02%. US treasury yields rose, getting a slight boost from Canada’s rate hike on Wednesday, 10Y yield up 9.3bps 2Y yield up 2.7bps. Money markets now pricing in a 72.5% chance that the Fed will skip raising interest rates this month, down from 78.2% yesterday. VIX hit its lowest level since Feb 2020 down 0.1% to 13.94. Gold slumped while the KBW Regional Banking Index closed at its highest levels since late March.

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