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The S&P 500 Index ($SPX) is up +0.59%, the Dow Jones ($DOWI) is up +0.53%, and the Nasdaq 100 ($IUXX) has increased by +0.82% today. September E-mini S&P futures are up +0.52%, while September E-mini Nasdaq futures have risen by +0.71%. Stock index futures recovered from overnight losses following a report that Iran is ready to discuss limitations on its uranium enrichment.
The ongoing Israel-Iran conflict entered its eighth day, with Israel striking Iranian nuclear sites and Iran warning against negotiation with the US amid hostilities. Current market volatility is influenced by the expiration of approximately $6.5 trillion in options, futures, and derivatives contracts, an event known as “triple witching.” In economic news, the June Philadelphia Fed business outlook survey remained unchanged at -4.0, below expectations of -1.5.
Interest rates are affected as the 10-year T-note yield is up +2.6 basis points to 4.417%. Notably, the markets currently discount a 15% chance of a -25 basis point rate cut at the July FOMC meeting. The Euro Stoxx 50 is up by +1.25%, while Japan’s Nikkei fell -0.22% and China’s Shanghai Composite saw a slight decline of -0.07%.
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