The S&P 500 Index ($SPX) (SPY) is up +0.31%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.21%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.16%. September E-mini S&P futures (ESU26) are up +0.45%, and September E-mini Nasdaq futures (NQU26) are up +0.58%.
Stocks are seeing support as today’s favorable PPI report caused a -5 bp decline in the 10-year T-note yield and a drop in expectations for a Fed rate hike to 32% from 40% on Wednesday. Stocks are also seeing support from today’s drop of more than -2% in crude oil prices on the lack of any reports of fresh US or Iranian attacks in the Persian Gulf.
