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The S&P 500 Index is up by 0.38% today, while the Dow Jones is down by 0.05%, and the Nasdaq 100 Index is up by 0.46%. Key movements include Alphabet rising over 7% following a favorable court ruling regarding its Chrome browser, and Apple gaining more than 2% due to a court decision affecting its search partnership with Google, which generates about $20 billion annually for Apple.
In economic news, U.S. MBA mortgage applications decreased by 1.2% for the week ending August 29. The average 30-year mortgage rate fell to 6.64%. Upcoming economic reports include a forecasted drop in July JOLTS job openings by 64,000, and a 1.4% drop in factory orders. The August nonfarm payrolls are expected to rise by 75,000, while the unemployment rate may increase by 0.1% to 4.3%.
In bond markets, the 10-year Treasury yield has decreased to 4.27%. Federal funds futures indicate a 92% chance of a 25 basis point rate cut at the next FOMC meeting on September 16-17. European government bond yields have also declined, with the 10-year German bund down to 2.765%.
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