As of today, the S&P 500 Index ($SPX) is down by -0.15%, the Dow Jones Industrial Average ($DOWI) has fallen by -0.44%, while the Nasdaq 100 Index ($IUXX) is up by +0.28%. The Dow reached a two-week low, with E-mini S&P futures decreasing by -0.17% and September E-mini Nasdaq futures rising by +0.22%.
Recent economic reports have supported the markets, notably a surprising rise in the August Empire manufacturing survey by +5.0 to a 4.5-year high of 20.6, exceeding expectations, and the NAHB housing market index increasing by +1 to 35. However, global concerns persist as China’s July industrial production growth of +4.5% year-over-year fell short of expectations, and the jobless rate in China rose to 5.2%. Crude oil prices are up amid renewed tensions in the Middle East.
Currently, there is a 31% chance of a 25 basis point rate hike at the upcoming Federal Open Market Committee meeting on September 15-16. Overseas markets are mixed, with the Euro Stoxx 50 increasing by +0.03%, while China’s Shanghai Composite climbed to a five-week high, up by +1.41%.
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