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The S&P 500 Index is up by +0.60%, the Dow Jones Industrials Index by +0.62%, and the Nasdaq 100 Index by +0.70% as of today. December E-mini S&P futures are up +0.59%, with December E-mini Nasdaq futures rising +0.69%. Strength in semiconductor stocks is lifting the overall market, marking 1.5-week highs for the S&P 500 and Dow Jones.
Optimism about a Federal Reserve rate cut has increased the likelihood of a -25 basis point cut at the December 9-10 FOMC meeting to 80%, up from 30% last week. This comes alongside recent U.S. economic news, with weekly jobless claims falling to a 7-month low of 216,000, and September capital goods new orders rising +0.9% month-on-month, surpassing expectations of +0.3%.
In corporate earnings, 83% of reporting S&P 500 companies exceeded forecasts for Q3, with an overall earnings rise of +14.6%, doubling expectations of +7.2% year-on-year. Urban Outfitters reported Q3 net sales of $1.53 billion, better than the $1.49 billion consensus, leading to a +12% stock increase.
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