The S&P 500 Index is up +0.11%, the Dow Jones Industrials Index is up +0.12%, and the Nasdaq 100 Index is up +0.15% today, reaching 3-1/2 month highs. Falling bond yields and a weaker-than-expected US May core CPI report, with a 2.4% year-over-year increase, eased inflation concerns. The 10-year T-note yield dropped -4 basis points to 4.43%.
In mortgage data, US applications rose +12.5% for the week ending June 6, with a purchase sub-index up +10.3% and refinancing up +15.6%. Average 30-year fixed mortgage rates slightly increased to 6.93%. Futures for the upcoming FOMC meeting show a 0% chance of a -25 basis point rate cut.
In overseas markets, the Euro Stoxx 50 is up +0.09%, and Japan’s Nikkei Stock 225 closed up +0.55%. Notable US stocks include Talen Energy up more than +3% after expanding a nuclear pact with Amazon, and Lockheed Martin down more than -6% following a significant cut in the Air Force’s F-35 aircraft request.
