The S&P 500 Index ($SPX) (SPY) is up +0.87%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.97%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.77%. E-mini S&P futures (ESU26) are up +1.01%, and September E-mini Nasdaq futures (NQU26) are up +0.89%.
Stock indexes are trading higher today, supported by today’s decline of more than -3% in oil prices. The stock and bond markets took today’s CPI report largely in stride. The Aug core CPI of +0.3% m/m was slightly stronger than market expectations of +0.2%, but the nominal CPI of +0.4% m/m was in line with market expectations. T-note prices are trading mildly higher, even though the markets raised the odds of a FOMC rate hike next week to 88% from 75% on Thursday.
