The S&P 500 Index ($SPX) (SPY) on Wednesday closed up +0.34%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.09%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.49%. December E-mini S&P futures (ESZ25) rose +0.30%, and December E-mini Nasdaq futures (NQZ25) rose +0.42%.
Stock indexes recovered from early losses on Wednesday and rallied, with the S&P 500 and Nasdaq 100 posting new all-time highs, and the Dow Jones Industrial Average reaching a one-week high. Stock indexes rallied on Wednesday after the September ADP employment change report unexpectedly contracted for a second consecutive month, which knocked the 10-year T-note yield -5 bp to a 1.5-week low. Signs of a weaker labor market also boosted the chances of a Fed rate cut at the October 28-29 FOMC meeting to 100%, according to swaps markets.
