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The S&P 500 Index closed up +0.24% on Wednesday, marking a new record high. The Dow Jones Industrials Index rose +0.32%, and the Nasdaq 100 gained +0.17%, buoyed by strong performance in software stocks, particularly MongoDB, which surged over +37% after reporting Q2 adjusted EPS of $1.08, significantly higher than the expected 65 cents.
September E-mini S&P futures increased +0.20%, while September E-mini Nasdaq futures rose +0.13%. The 10-year T-note yield fell -2 bp to 4.24%, reflecting expectations for an interest rate cut as early as next month, with a current 88% probability of a -25 bp cut at the next Federal Open Market Committee meeting on September 16-17.
In addition, U.S. MBA mortgage applications fell -0.5% for the week ended August 22, with purchase applications up +2.2% and refinancing down -3.5%. The average 30-year fixed mortgage rate rose to 6.69%. Market focus this week will shift toward upcoming economic data, including GDP revisions and personal spending and income reports.
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