Stocks Pressured by Higher Bond Yields

December 11, 2025

Rich Asplund

December 1, 2025 6 min read

The S&P 500 Index ($SPX) (SPY) today is down by -0.59%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.40%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.97%. December E-mini S&P futures (ESZ25) are down -0.55%, and December E-mini Nasdaq futures (NQZ25) are down -0.95%.

Stock indexes are moving lower today, pressured by higher bond yields and a selloff in cryptocurrencies. The 10-year T-note yield is up +7 bp to 4.08% on negative carryover from a surge in 10-year Japanese bond yields to a 17-year high after Bank of Japan (BOJ) Governor Ueda offered his clearest signal yet that the BOJ could raise interest rates again at this month’s BOJ meeting. Bitcoin is also down by more than -5% today, at a 1-week low, weighing on market sentiment.

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The price of Bitcoin (^BTCUSD) is down more than -5% today at a 1-week low after the People’s Bank of Chian (PBOC) said Saturday that “risks of speculation and hype surrounding virtual currencies have resurfaced” and that virtual currencies do not have the same legal status as fiat currencies, lack legal tender status, and should not be used as currency in the market. Bitcoin also came under pressure on comments from the CEO of Strategy, who said that his firm could sell Bitcoin if its mNaV, the ratio of enterprise value to the value of Bitcoin holdings, goes below 1x.

Market attention this week will focus on today’s Nov ISM manufacturing index, which is expected to increase by +0.3 to 49.0. On Wednesday, the Nov ADP employment change is expected to increase by +10,000. Also, Sep manufacturing production is expected to rise by +0.1% m/m, and the Nov ISM services index is expected to fall by -0.4 to 52.0. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 222,000. On Friday, Sep personal spending is expected to increase by +0.3% and Sep personal income is expected to climb +0.3% m/m. Also on Friday, the Sep core PCE price index, the Fed’s preferred inflation measure, is expected to climb by +0.2% m/m and +2.8% y/y. Finally, the University of Michigan’s Dec consumer sentiment index is expected to climb by +1.0 to 52.0.