As of today, the S&P 500 Index is up 0.84%, the Dow Jones Industrial Average has increased by 1.21%, and the Nasdaq 100 Index is up 0.47%. September E-mini S&P futures are showing a rise of 0.90%, while September E-mini Nasdaq futures are up 0.50%. Easing tensions in the Middle East, marked by a 6% drop in WTI crude oil prices, are contributing to this positive trend, alleviating inflation fears and pushing bond yields lower, with the 10-year T-note yield down to 4.68%.
Despite overall upward movement, chipmakers are under pressure, particularly after a 5% decline in South Korea’s Kospi Index on Monday. Notably, 86% of the 307 S&P 500 companies that reported Q2 earnings have surpassed estimates, with projected earnings expected to rise by 23%, aided significantly by AI infrastructure spending.
Currently, markets are pricing in a 63% probability of a 25 basis point rate hike at the next FOMC meeting on September 15-16, while the Euro Stoxx 50 has climbed to a 4-week high, up 0.75%. In contrast, China’s Shanghai Composite closed down 0.59%, and Japan’s Nikkei-225 fell by 0.94%.
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