The S&P 500 Index is up 0.16% and the Dow Jones Industrial Average is up 0.42% as of today, while the Nasdaq 100 Index is down 0.20%. E-mini S&P futures rose by 0.10%, whereas September E-mini Nasdaq futures fell 0.25%. These movements occurred on a day when crude oil prices retreated, which in turn lowered bond yields, with the 10-year T-note yield down to 4.79%.
On August 30, the U.S. Energy Secretary reported that over 17 million barrels of oil passed through the Strait of Hormuz, easing supply concerns and impacting crude prices that had initially risen due to tensions with Iran. Additionally, the ADP employment change for August showed a rise of 38,000, lower than the expected 47,000, indicating a slightly weaker labor market.
In the context of international markets, the 10-year U.K. gilt yield surged to 5.29%, while the German bund yield reached 3.39%. Analysts are currently projecting a 63% chance of a 25-basis point rate hike in the upcoming Federal Open Market Committee meeting on September 15-16.
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