The S&P 500 Index ($SPX) (SPY) today is up +1.22%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +1.10%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.48%. September E-mini S&P futures (ESU25) are up +1.15%, and September E-mini Nasdaq futures (NQU25) are up +1.40%.
Stock indexes are moving sharply higher today as they recover from some of last Friday’s steep losses. Strength in the Magnificent Seven technology stocks and semiconductor chip makers is supporting the broader market. Additionally, the expectation that last Friday’s dismal payroll and ISM manufacturing reports will prompt the Fed to lower interest rates is underpinning equity prices. The chances of a Fed rate cut at the September FOMC meeting rose to 90% from 40% before the reports were released.
