The S&P 500 Index ($SPX) (SPY) today is up +0.25%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.38%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.20%.
Stock indexes today are moderately higher. Stock index futures today initially moved lower as rising bond yields weighed on stocks today after the US PPI report rose more than expected. However, stock index futures recovered, and bond yields fell, after the details in the PPI report suggested the larger-than-expected increase in June was mostly driven by an outsized jump in trade services and not in categories that are used to calculate the Federal Reserve’s preferred inflation measure, the personal consumption expenditures price index. Also, a rebound in chip stocks today from Thursday’s sell off is boosting the overall market.
