As of today, the S&P 500 Index is up by 0.16%, the Dow Jones Industrial Average by 0.12%, and the Nasdaq 100 Index by 0.51%. E-mini S&P futures are up 0.15%, while September E-mini Nasdaq futures are higher by 0.45%. This rise in stock indices is attributed to a decline in WTI crude oil prices, which are down over 3%, leading to lower bond yields with the 10-year T-note yield at 4.65%.
Key economic indicators include a 10.5% drop in July new home sales to 607,000, falling short of expectations of 620,000, and a drop in the consumer confidence index to a 7-month low of 89.4, below forecasts of 90.2. Additionally, the S&P Composite-20 Home Price Index reported a year-over-year increase of 2.1%, surpassing the expected 1.8% growth.
In geopolitical news, U.S. Treasury Secretary Scott Bessent announced a plan to sever Iran from the global economy, targeting critical sectors such as digital assets and shipping. This follows reports of the U.S. preparing to return diplomats to Middle Eastern embassies, suggesting easing tensions regarding the Iran conflict.
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