As of today, the S&P 500 Index is down 0.02%, while the Dow Jones Industrial Average is up 0.24%, and the Nasdaq 100 Index is up 0.17%. The 10-year T-note yield surged to a 1.5-year high of 4.74%. This movement was driven by better-than-expected US economic data and comments from Dallas Fed President Lorie Logan, which indicated a need for tighter monetary policy to control inflation. Notably, Apple fell 9% after reporting disappointing service revenue and a weaker-than-expected forecast.
Key US economic indicators emerged stronger than anticipated; the Q2 employment cost index rose by 0.9%, exceeding expectations of 0.8%, and the MNI Chicago PMI unexpectedly increased to 57.6, higher than the forecast of 56.0. However, weaker manufacturing data from China, with its PMI dropping to 49.2, raised concerns about global growth. These mixed signals are influencing current market sentiment and stock performance.
In commodity markets, September WTI crude oil prices increased over 2%, driven by ongoing geopolitical tensions but without new escalations between the US and Iran. Meanwhile, overseas markets also showed positive trends, with the Euro Stoxx 50 up 0.32% and Japan’s Nikkei-225 rising 4.03%. Overall, the aim for a 25 basis point rate hike at the next Federal Reserve meeting stands at a 68% probability.
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