The S&P 500 Index ($SPX) (SPY) on Tuesday closed up by +0.91%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +1.43%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.58%. December E-mini S&P futures (ESZ25) rose +0.90%, and December E-mini Nasdaq futures (NQZ25) rose +0.56%.
Stock indexes shook off early losses on Tuesday and settled higher, with the Dow Jones Industrials posting a 1-week high. Dovish US economic news on Tuesday knocked bond yields lower, strengthened the case for the Fed to cut interest rates at next month’s FOMC meeting, and pushed stocks higher. Sep retail sales and Sep core PPI rose less than expected, ADP's weekly data showed private payrolls declined, and Nov consumer confidence fell more than expected, knocking the 10-year T-note yield to a 3.5-week low of 3.99% and increasing the chance of a Fed rate cut at the December 9-10 FOMC meeting to 80%.
