The S&P 500 Index ($SPX) (SPY) today is up +0.44%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.52%. September E-mini S&P futures (ESU25) are up +0.56%, and September E-mini Nasdaq futures (NQU25) are up +0.61%.
Stocks gained ground this morning after the US 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 93% after today's CPI report from 88% on Monday.
