The S&P 500 Index is up by 0.33% today, while the Dow Jones Industrial Average has risen by 0.47%. In contrast, the Nasdaq 100 Index is down by 0.33%, marking a 1.5-week low. The market is being buoyed by a drop in the 10-year T-note yield, which fell by 6 basis points to 4.64% following the US Treasury’s announcement to double buyback operations for longer-dated securities to at least $4 billion. However, this is offset by ongoing challenges within chipmaker and AI-infrastructure stocks.
Moderna’s stock surged more than 110% after it reported positive results from a cancer vaccine trial with Merck & Co. Additionally, the Trump administration delayed 50% tariffs on certain Canadian goods for three days, citing a tentative agreement between the two nations. In the mortgage sector, US MBA applications fell by 0.4% last week, with the refinancing index up by 1.5%.
In geopolitical news, tensions in the Middle East have led to a spike in crude oil prices, with September WTI crude reaching a three-week high amid the United Arab Emirates cutting ties with Iran. President Trump indicated no interest in negotiating an agreement with Iran, resulting in no signs of progress toward reopening the Strait of Hormuz, crucial for oil shipments.
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