Today, the S&P 500 Index is down 0.06%, the Dow Jones Industrial Average has decreased by 0.13%, and the Nasdaq 100 has seen a 0.25% increase, marking a 2.5-month high. Strong gains in chip sector stocks, particularly Advanced Micro Devices and Nvidia, have contributed positively to market performance. The Trump administration is also expected to advance agreements providing Saudi Arabia and the UAE access to AI chip technology, amidst changes in semiconductor export regulations.
The US MBA mortgage applications rose by 1.1% for the week ending May 9, with the average 30-year fixed mortgage rate slightly up to 6.86%. Upcoming economic data releases include the April retail sales expected at 0.1% month-over-month and 0.3% for retail sales excluding autos, alongside various PPI figures this Thursday. Additionally, more than 80% of S&P 500 companies have reported Q1 earnings, with 77% exceeding expectations, resulting in a growth rate of 13.1% compared to earlier estimates of 6.6%.
The 10-year T-note yield has risen to a one-month high of 4.507%, driven by hawkish comments from Fed Vice Chair Jefferson regarding US tariff policies and inflation. As a result, swaps are forecasting an 87% chance of a 25 bp rate cut by the ECB at their June meeting.
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