The S&P 500 Index is up 0.50% while the Dow Jones Industrial Average and Nasdaq 100 Index are up 0.79% and 0.17%, respectively, as of today. E-mini S&P futures increased by 0.49%, and September E-mini Nasdaq futures rose by 0.15%. This upward momentum comes after a retreat in crude oil prices, which eased supply concerns following reports of over 17 million barrels of oil transiting the Strait of Hormuz, contributing to a drop in the 10-year T-note yield to 4.79%.
Significant economic indicators released today include July factory orders rising by 0.9%, exceeding expectations of 0.7%, while the August ADP employment change showed a lower increase of 38,000 compared to the anticipated 47,000. Additionally, mortgage applications saw a slight increase of 0.8% in the week ending August 28, with the average 30-year fixed-rate mortgage rising to 6.79%.
Global bond yields are experiencing a major uptick, with the UK 10-year gilt yield at a 19-year high of 5.29%, the German 10-year bund yield reaching a 15-year high of 3.39%, and the Japanese 10-year JGB at a 30-year high of 3.04%. The markets are currently pricing in a 67% probability of a 25 basis point rate hike by the Federal Open Market Committee at its next meeting on September 15-16.
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