The S&P 500 Index is up by 0.58% today, with the Dow Jones Industrial Average rising 0.55% and the Nasdaq 100 Index gaining 0.07%. E-mini S&P futures are up 0.61%, while September E-mini Nasdaq futures have increased by 0.05%. This market movement follows a drop in the 10-year T-note yield, which decreased by 6 basis points to 4.64%, after the US Treasury announced an increase in liquidity support for long-term securities to at least $4 billion.
Moderna shares surged over 120% after a successful trial result for a personalized cancer vaccine in collaboration with Merck & Co, while the Trump administration delayed 50% tariffs on certain Canadian products for three days due to a tentative agreement. Meanwhile, US MBA mortgage applications fell by 0.4% in the week ending August 14, with a consistent average rate of 6.77% for 30-year fixed mortgages.
In international news, tensions in the Middle East have kept the Strait of Hormuz closed, contributing to high crude oil prices, with September WTI crude climbing to a three-week high. The US has indicated no plans to de-escalate the conflict with Iran, as Treasury Secretary Bessent announced forthcoming significant economic measures against the country.
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