The S&P 500 Index ($SPX) (SPY) is up by +0.63% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.15%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.75%. December E-mini S&P futures (ESZ26) are up +0.55%, and December E-mini Nasdaq futures (NQZ26) are up +0.72%.
Stock indexes are moving higher today as inflation concerns eased after the Q2 core PCE price index was revised lower and the Aug core PCE price index rose less than expected. The better-than-expected inflation news reduced the chance of a Fed rate hike next month to 35% from 52% on Tuesday. Also, signs of growth in the US economy supported stocks after Q2 GDP was revised higher, the Sep ADP employment change rose more than expected, and Aug personal spending rose the most in 5 months. Stocks added to their gains after the Sep MNI Chicago PMI expanded at the strongest pace in 4 months.
