The S&P 500 Index is down 0.08%, while the Dow Jones Industrial Average is up 0.24% and the Nasdaq 100 Index is down 0.97% as of today. Economic data released showed the June ADP employment change rose by 98,000, missing expectations of 120,000, while the ISM manufacturing index dropped to 53.3 from 54.0, below expectations of 53.9.
In related developments, the average 30-year fixed mortgage rate decreased to 6.57%. Additionally, the June ISM prices paid sub-index fell to a four-month low of 73.0, indicating easing factory price pressures. The market is currently pricing in a 29% chance of a 25 basis point rate hike during the next Federal Open Market Committee meeting scheduled for July 28-29.
WTI crude oil is down over 1%, reaching a 4.25-month low, influenced by negotiations with Iran and reports on increased energy supplies. In terms of stock movement, notable declines were observed in chipmakers and AI infrastructure stocks, with SanDisk down more than 10% and Applied Materials down over 8%. Meanwhile, Meta Platforms shares gained over 11% after announcing plans for a cloud infrastructure business focused on AI.
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