The S&P 500 Index ($SPX) (SPY) today is up by +0.41%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.22%.
Stocks today are moderately higher, with the S&P 500 and Dow Jones Industrials posting 1-1/2 week highs and the Nasdaq 100 posting a 2-week high. Today, the strength of chip stocks is lifting the overall market. Also, a decline in bond yields today supports stocks on dovish comments from former New York Fed President Dudley, who said there’s “a strong case for a 50 bp rate cut” at next week’s FOMC meeting. Signs of easing price pressures are also bullish for bonds and stocks after today’s news showed the US Aug import price index ex-petroleum unexpectedly fell -0.1% m/m, weaker than expectations of a +0.2% m/m increase.
