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The S&P 500 Index is up by +0.05% and the Dow Jones Industrials Index by +0.26% as of today, while the Nasdaq 100 Index is down by -0.22%. This follows the anticipation of a 25 basis point cut in interest rates by the Federal Reserve on Wednesday, with a 95% probability priced into the markets. December E-mini S&P futures are up by +0.03% and December E-mini Nasdaq futures are down -0.19% as investors remain cautious ahead of the two-day Federal Open Market Committee (FOMC) meeting.
In key economic reports, October JOLTS job openings are expected to increase by 7,117, while the Q3 employment cost index is predicted to rise by +0.9%. Q3 earnings for S&P 500 companies have exceeded forecasts, showing a +14.6% increase compared to expectations of +7.2%, with 83% of companies reporting above estimates, marking the best quarter since 2021.
Internationally, European markets are mixed, with Germany’s October exports rising +0.1% month-on-month, missing expectations of +0.2%. The German 10-year bund yield has fallen to 2.849%, down from a high of 2.879%. Additionally, a Treasury auction for $39 billion of 10-year T-notes is scheduled for later today.
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