The S&P 500 Index ($SPX) (SPY) today is up by +0.59%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.81%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.42%.
Stocks today are moderately higher, with the S&P 500 and the Nasdaq 100 posting 2-week highs and the Dow Jones Industrials posting a 1-1/2 week high. Strength in chip stocks today is lifting the overall market. Also, a decline in bond yields today supports stocks on dovish comments from former New York Fed President Dudley, who said there’s “a strong case for a 50 bp rate cut” at next week’s FOMC meeting. Signs of easing price pressures are also bullish for bonds and stocks after today’s news showed the US Aug import price index ex-petroleum unexpectedly fell -0.1% m/m, weaker than expectations of a +0.2% m/m increase. Stocks extended their gains after the University of Michigan US Sep consumer sentiment index rose more than expected to a 4-month high, supporting the prospects for a soft landing.
