The S&P 500 Index ($SPX) (SPY) is up by +0.90% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.54%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.23%. December E-mini S&P futures (ESZ26) are up +0.85%, and December E-mini Nasdaq futures (NQZ26) are up +1.16%.
Stock indexes are climbing sharply today, with the Nasdaq 100 posting a new all-time high. Stocks are rallying after today’s US economic news was weaker than expected, bolstering speculation that the Fed won’t be forced to raise interest rates this month. Monthly US payrolls slowed sharply, and wage pressures were lower than expected. Also, Aug factory orders rose less than expected. The weaker reports reduced the chance of a Fed rate hike at this month’s FOMC meeting to 20% from 26% before today’s payroll report. Also, the rally in chipmakers today has pushed the Nasdaq 100 to a new record high.
