The S&P 500 Index ($SPX) (SPY) on Thursday rose +0.09%, the Dow Jones Industrials Index ($DOWI) (DIA) fell -0.02%, and the Nasdaq 100 Index ($IUXX) (QQQ) was unchanged. September E-mini S&P futures (ESU25) fell -0.08%, and September E-mini Nasdaq futures (NQU25) fell -0.24%.
Stocks recovered from modest early losses and closed narrowly mixed. Stocks saw downward pressure from Thursday's strong US PPI report and the +5 bp rise in the 10-year T-note yield. In addition, San Francisco Fed President Mary Daly and St Louis Fed President Alberto Musalem Thursday both threw cold water on the idea of a -50 bp rate cut at the September FOMC meeting. There continued to be uncertainty ahead of Friday's Trump-Putin summit, which will begin at 3:30 pm ET followed by a joint press conference, according to Politico.
