SPIKE IN APRIL INFLATION AND RISING BOND YIELDS PUSH STOCKS LOWER

INFLATION SPIKE BOOSTS BOND YIELDS... A spike in April CPI and its inflationary implications is boosting bond yields and hurting stock prices.   Chart 1 shows the 10-Year Treasury yield jumping nearly 6 basis points today to 1.68% and close to exceeding its late April  peak.   That's having a negative impact on stock prices, and technology stocks in particular which are leading the market lower.   Chart 2 shows the Nasdaq 100 (QQQ) falling further below its 50-day moving average.   That's also weighing on the Dow and S&P 500 which are falling as well.   Chart 3 show the S&P 500 falling to the lowest level in a month.   That suggests a further drop to its 50-day moving average (blue arrow).