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The S&P 500 Index closed up 0.14% on Monday, reaching new all-time highs, while the Dow Jones Industrial Index fell 0.04%. The Nasdaq 100 increased by 0.50%. September E-mini S&P futures rose 0.19%, and September E-mini Nasdaq futures rose 0.54%. The 10-year T-note yield fell by 5 basis points to 4.37%, providing support for stocks.
Block Inc. (up over 7%) will replace Hess Corp in the S&P 500 before trading opens on Wednesday. Verizon Communications rose over 4% after raising its earnings forecast. Conversely, natural gas producers declined, with EQT Corp falling more than 9% after nat-gas futures dropped over 6%. The market anticipates key economic data, including June existing home sales and weekly unemployment claims, as well as earnings reports from companies like Alphabet and Tesla this week.
Federal funds futures peg a 3% chance for a 25 basis point rate cut at the upcoming FOMC meeting on July 29-30 and 58% for the September meeting. Internationally, the Euro Stoxx 50 fell 0.30%, while China’s Shanghai Composite rose 0.72% to a 9.5-month high.
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