The S&P 500 Index ($SPX) (SPY) is up by +1.05% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.814%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.35%. December E-mini S&P futures (ESZ26) are up +0.99%, and December E-mini Nasdaq futures (NQZ26) are up +1.37%.
Stock indexes are climbing sharply today, with the Nasdaq 100 posting a new all-time high. Stocks are rallying after today’s monthly US payroll report showed a sharp slowdown in US payrolls and benign wage pressures, which knocked bond yields lower and bolstered speculation that the Fed won’t be forced to raise interest rates this month. The 10-year T-note yield is down -4 bp to 5.20%, and the chance of a Fed rate hike at this month’s FOMC meeting fell to 19% from 26% before today’s payroll report. The lower bond yields today are booting chipmakers and pushed the Nasdaq 100 to a new record high.
