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The S&P 500 Index rose by 0.56% today, while the Dow Jones Industrials Index fell by 0.19%, and the Nasdaq 100 Index increased by 1.02%. This market behavior is largely attributed to lower T-note yields, driven by a significant decrease in U.S. job openings, which fell by 176,000 to 7.181 million in July—below expectations of 7.380 million. The 10-year T-note yield decreased by 5 basis points to 4.22%.
In addition, megacap technology stocks contributed to market gains, with Alphabet increasing by over 8% following a favorable court ruling on an antitrust case, and Apple rising by over 3% as a court ruling did not block its search arrangement with Google, which generates approximately $20 billion in annual revenue. Meanwhile, energy stocks are under pressure as WTI crude oil prices dropped by more than 2%.
Federal Reserve officials, including Governor Christopher Waller, indicated that the fed funds rate is above neutral and could likely need to be cut at the upcoming FOMC meeting on September 16-17, with the probability of a 25 basis point cut now at 95%. This sentiment is bolstered by expectations of continued economic slowdown reinforced by today’s labor market data.
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