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Rich Asplund

Stocks Supported as Weak US Economic News Bolsters Hopes for Fed Rate Cuts

On US Federal Reserve United States Dow Jones MGM Resorts International

The S&P 500 Index ($SPX) (SPY) today is up +0.19%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.21%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.36%.

Stock indexes today are mixed in this holiday-shortened session, with the Nasdaq 100 posting a new record high.  Stock indexes will end trading at 1 pm EST and close Thursday for the July 4 holiday.  T-note yields tumbled today and are supporting stocks after weaker-than-expected US economic news bolstered hopes the Fed will begin cutting interest rates this year.  Labor market news showed that the June ADP employment change rose less than expected, and weekly continuing unemployment claims rose to a 2-1/2 year high.  Also, activity in the US service sector contracted by the most in 4 years in June.  

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