The S&P 500 Index is up by 0.18%, while the Dow Jones Industrial Average has decreased by 0.23%, and the Nasdaq 100 Index has risen by 0.68% as of today. The market reacted positively to a drop in crude oil prices, which fell by over 2% following a report indicating a significant increase of 7.1 million barrels in U.S. crude inventories last week.
In economic updates, U.S. retail sales for August rose by 1.2% month-over-month, exceeding expectations of 0.8% and marking the largest increase in five months. The Federal Reserve is anticipated to raise interest rates by 25 basis points later today, with a 94% chance estimated in the markets. The average 30-year fixed mortgage rate increased to 6.97%, the highest in 15 months, as mortgage applications fell by 4.1%.
Chipmakers saw significant gains, with Intel rising more than 6% due to talks with SK Hynix about U.S.-based memory chip production. Conversely, trucking companies like JB Hunt experienced losses, with shares down over 11% after projecting earnings declines.
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