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Barchart
Rich Asplund

Stocks Rally on Higher Odds for Fed Rate Cut after CPI Report

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The S&P 500 Index ($SPX) (SPY) on Tuesday rose by +1.14%, the Dow Jones Industrials Index ($DOWI) (DIA) rose by +1.10%, and the Nasdaq 100 Index ($IUXX) (QQQ) rose by +1.33%.  September E-mini S&P futures (ESU25) rose by +1.06%, and September E-mini Nasdaq futures (NQU25) rose by +1.25%. 

Stocks rallied after Tuesday's CPI report was largely in line with market expectations, thus strengthening expectations for a Fed rate cut at the September meeting.  On a year-on-year basis, the July headline CPI of +2.7% y/y was slightly weaker than expected, but the core CPI of +3.1% y/y was slightly stronger than expected.  The chances for a Fed rate cut at its Sep 16-17 meeting improved to 94% after Tuesday's CPI report from 88% on Monday.

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