The S&P 500 Index ($SPX) (SPY) today is up +0.64%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.59%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.80%. March E-mini S&P futures (ESH26) are up +0.57%, and March E-mini Nasdaq futures (NQH26) are up +0.78%.
Stocks are climbing today amid strength in chipmakers and travel stocks. Also, lower bond yields are supportive of stocks, as the 10-year T-note yield is down -2 bp to 4.20% after the ADP weekly employment change for the four weeks ended February 28 increased by +9,000, the smallest increase in five weeks, a sign of a slowdown in hiring by US employers. Stocks also found some support after today’s report showed US Feb pending home sales unexpectedly rose +1.8% m/m, stronger than expectations of a -0.6% m/m decline.
