As of today, the S&P 500 Index is up 0.65%, the Dow Jones Industrial Average has risen 1.08%, and the Nasdaq 100 Index is up 0.56%. Notably, September E-mini S&P futures are up 0.65% and September E-mini Nasdaq futures have increased by 0.60%. This uptick in stocks follows a three-day pause in US-Iran hostilities, easing geopolitical tensions and contributing to a drop of over 5% in WTI crude oil prices.
Today’s economic indicators are positive, with June capital goods new orders (excluding defense and aircraft) showing a month-over-month increase of 0.9%, surpassing the anticipated 0.7% rise. Additionally, markets await Q2 earnings results from major companies like Amazon, Meta, and Microsoft, with earnings forecasted to increase by 23%. So far, 86% of 135 S&P 500 companies that reported Q2 earnings exceeded estimates.
The markets reflect a 34% probability of a 25 basis point rate hike at the upcoming FOMC meeting, while European markets are also seeing gains, with the Euro Stoxx 50 rising by 1.12% to a 2.5-week high. Meanwhile, the German IFO business confidence index rose to 86.6, further bolstering confidence in the economic outlook.
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