The S&P 500 Index ($SPX) (SPY) today is up by +0.17%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.08%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.14%. September E-mini S&P futures (ESU25) are up +0.19%, and September E-mini Nasdaq futures (NQU25) are up +0.13%.
Stock indexes are moving higher today as bond yields decline on expectations that the Fed will start cutting interest rates as soon as this month. Signs of a weaker US labor market are knocking bond yields lower and reinforcing speculation that the Fed will cut rates as soon as the September 16-17 FOMC meeting after today’s Aug ADP employment change rose less than expected and weekly jobless claims rose to a 10-week high. The 10-year T-note yield fell to a 4-month low of 4.17% today, and the swaps market shows the chances of a Fed rate cut this month rising to 99%.
