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The S&P 500 Index is down 0.40%, the Dow Jones Industrial Average has decreased by 0.64%, and the Nasdaq 100 Index fell by 0.39% as of today. Concerns over consumer spending are rising after Walmart reported weaker-than-expected Q2 earnings, which contributed to the Dow’s dip to a one-week low. Additionally, the 10-year T-note yield increased to 4.32% following remarks by Kansas City Fed President Jeffrey Schmid, indicating that inflation risks are higher than labor market risks.
US weekly initial unemployment claims rose by 11,000 to a two-month high of 235,000, exceeding expectations of 225,000. In manufacturing, the August S&P manufacturing PMI unexpectedly rose to 53.3, up 4.5 points, indicating the fastest growth in three years. Conversely, the August Philadelphia Fed business outlook survey fell to -0.3, much lower than the anticipated 6.5. Over 93% of S&P 500 companies have reported Q2 earnings, showing an overall increase of 9.1% year-over-year.
On the international front, the Eurozone’s S&P manufacturing PMI rose to 50.5, and geopolitical discussions regarding the Ukraine conflict are ongoing, focusing on security guarantees and potential territory arrangements. Economic implications from these discussions may affect tariffs and oil prices in the future.
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