Today, the S&P 500 Index is down by 0.48%, the Dow Jones Industrial Average is down 0.33%, and the Nasdaq 100 Index has decreased by 0.73%. The 10-year Treasury note yield has surged to a 19-year high of 5.06%, increasing the probability of a Fed rate hike next month to 75% from 53% yesterday.
Key economic data released today includes an unexpected rise in the September S&P manufacturing PMI to 57.0, up from 53.9, indicating the highest growth in over four years. This follows hawkish comments from Fed Governor Michael Barr about potential monetary policy adjustments to manage inflation.
Crude oil prices have rebounded by over 1%, influenced in part by ongoing tensions between the US and Iran regarding the Strait of Hormuz. The OECD has revised the 2026 US GDP forecast upward to 2.2%, while the inflation forecast was adjusted down to 3.6%.
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