The S&P 500 Index increased by 0.17%, while the Dow Jones Industrial Average rose by 0.20%, and the Nasdaq 100 Index gained 0.13% today. Notably, E-mini S&P futures are up 0.05%, and September E-mini Nasdaq futures have risen by 0.34%. This movement follows a report that Anthropic PBC’s Q2 revenue surged by at least 14-fold compared to last year, reinforcing the outlook on sustained AI spending, although weakness in software stocks has negatively impacted the Dow.
Additionally, the August Empire Manufacturing Index unexpectedly rose to a 4.5-year high of 20.6, surpassing expectations of a decline to 10.0. Conversely, economic data from China showed weaker-than-expected results, with July industrial production growing by 4.5% year-over-year, below the anticipated 5.0%. Retail sales rose only 0.6% year-over-year instead of the expected 1.5%, while the jobless rate crept up to 5.2%.
In global markets, U.S. Treasury yields saw an uptick with the 10-year T-note yield rising to 4.704%, partially due to increasing inflation expectations from higher crude oil prices amidst ongoing Middle East tensions. The September crude oil prices are on the rise following renewed Israeli activities in the region, adding volatility to market forecasts for oil supply stability.
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