The S&P 500 Index is up 0.87%, the Dow Jones Industrial Average is up 0.97%, and the Nasdaq 100 Index is up 0.77% as of today. E-mini S&P futures are trading 1.01% higher, while September E-mini Nasdaq futures are up 0.89%. This increase is partly attributed to a more than 3% decline in oil prices, which follows the release of the August US Consumer Price Index (CPI), showing a nominal increase of 0.4% month-over-month, aligning with market expectations, though the core CPI rose 0.3%, exceeding expectations of 0.2%. Year-on-year, the CPI is unchanged at 3.4%, and core CPI eased slightly to 2.4%, marking a new 5.5-year low.
Today’s CPI report led to an increase in the odds of a 25 basis point Federal Open Market Committee (FOMC) rate hike next week to 88%, up from 75%. In trade developments, Canada imposed tariffs ranging from 15% to 50% on hundreds of US goods, while the US retaliated by blocking certain Canadian imports. Additionally, Saudi Arabia reported a drop in crude oil production to 6.238 million barrels per day in August, the lowest level since 1990, amidst ongoing concerns about geopolitical tensions in the region.
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