The S&P 500 Index ($SPX) (SPY) today is up +0.40%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.59%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.44%. September E-mini S&P futures (ESU25) are up +0.38%, and September E-mini Nasdaq futures (NQU25) are up +0.54%.
The S&P 500 index and the Nasdaq 100 Index today both posted new record highs. US stocks continue to see support from strengthening expectations for interest rate cuts through year-end as Treasury Secretary Bessent weighed in with his call for a 150-175 bp rate cut. Stocks are seeing support from today's -4 bp decline in the 10-year T-note yield. Meanwhile, the short end of the Treasury curve is doing even better with a -4.2 bp decline to 3.689% in the 2-year T-note yield today, adding to Tuesday's -3.8 bp decline.
