The S&P 500 Index ($SPX) (SPY) on Friday closed up by +1.52%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +1.89%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +1.54%. September E-mini S&P futures (ESU25) rose +1.52%, and September E-mini Nasdaq futures (NQU25) rose +1.55%.
Stock indexes settled sharply higher on Friday, with the Dow Jones Industrials posting a new all-time high. Stock prices jumped and bond yields tumbled after comments from Fed Chair Powell opened the door for a Fed rate cut next month. Fed Chair Powell said downside risks to employment are rising, and the shifting balance of risks may warrant adjusting monetary policy. The 10-year T-note yield fell to a 1-week low of 4.24% on the comments, and the chances of a Fed rate cut at the September 29-30 FOMC meeting rose to 81% from 71% before Powell spoke.
