The S&P 500 Index rose by 0.38% today, with the Dow Jones Industrial Average up 0.69% and the Nasdaq 100 Index gaining 0.09%. E-mini S&P futures are up 0.37%, and September E-mini Nasdaq futures increased by 0.08%. These gains come as crude oil prices stabilize after reaching a one-month high, alleviating short-term inflation concerns amid ongoing tensions in the Middle East.
In the U.S., the August S&P Manufacturing PMI fell to 53.2, down from 53.9, contrary to expectations, while the August S&P Services PMI unexpectedly rose to 56.8, marking the fastest expansion in 4.5 years. Cryptocurrency stocks led gains, with Bitcoin climbing over 6% to a three-month high, backed by a surge in institutional buying and significant short-covering.
The 10-year Treasury note yield increased to 4.73%, as economic indicators remain mixed, with markets anticipating a potential 25 basis point rate hike at the upcoming FOMC meeting on September 15-16. Stocks in the mining sector performed well, with Freeport-McMoRan up over 5%, while some chipmakers saw declines, limiting broader market gains.
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