The S&P 500 Index ($SPX) (SPY) today is up +0.27%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.33%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.07%. March E-mini S&P futures (ESH26) are up +0.35%, and March E-mini Nasdaq futures (NQH26) are up +0.15%.
Stocks are seeing support today from lower T-note yields and the stronger-than-expected US durable goods orders report, which suggested a resilient US economy. However, stocks are being undercut by President Trump’s new threat of 100% tariffs on US imports from Canada, the possibility of a US government shutdown over ICE funding, lingering concerns about Greenland, and travel and grid disruptions from the massive storm that just crossed the US. There is also political uncertainty about the Fed, as the FOMC is expected to leave rates unchanged at its meeting this week, potentially drawing new threats from Mr. Trump for a refusal to cut interest rates further.
