On Friday, the S&P 500 Index ($SPX) rose by +0.43%, the Dow Jones Industrial Average ($DOWI) gained +0.98%, and the Nasdaq 100 Index ($IUXX) increased by +0.33%. E-mini S&P futures (ESU26) and September E-mini Nasdaq futures (NQU26) also recorded gains of +0.37% and +0.27%, respectively. This market uptick was partly due to stabilized crude oil prices, which had briefly reached a one-month high earlier in the week.
Bitcoin surged more than +6% to a three-month high, reflecting a weekly gain of over +20%. Over $2 billion in short Bitcoin positions were liquidated since Wednesday, following announcements from the US Treasury regarding increased bond buybacks. Mixed economic data released included the US August S&P manufacturing PMI falling to 53.2, while the services PMI unexpectedly rose to 56.8, the fastest pace in 4.5 years.
Crude oil prices settled slightly higher amid ongoing tensions in the Middle East, with US President Trump asserting there would be no extension of the agreement with Iran, potentially limiting crude supplies. The S&P 500 is projected to see earnings growth of nearly 32% in Q2, significantly above earlier projections of +23%. The market is currently pricing in a 39% chance of a +25 basis point rate hike at the next FOMC meeting on September 15-16.
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