The S&P 500 Index is up 0.10% while the Dow Jones Industrial Average and Nasdaq 100 Index see modest gains of 0.05% and 0.15%, respectively, as of today. September E-mini S&P and Nasdaq futures show similar upward movements, rising 0.12% and 0.20%. Key market drivers include a decline in crude prices after a high overnight advance and positive performance from chipmakers and AI infrastructure stocks.
Recent economic data indicates a 1.7% drop in July existing home sales to 4.06 million, closely aligning with expectations of 4.05 million. The S&P 500 is projected to experience a significant earnings growth of 32% for Q2, outstripping prior estimates of 23%. Notably, 85% of 446 S&P 500 companies reporting Q2 earnings have surpassed expectations.
Crude oil prices initially surged over 2% amid escalating geopolitical tension due to U.S. sanctions on Iran, but recent negotiations to potentially reopen the Strait of Hormuz have eased prices. Markets currently predict a 51% likelihood of a 25 basis points rate hike at the upcoming FOMC meeting on September 15-16.
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