On Monday, the S&P 500 Index rose 1.48%, closing at a two-month high, while the Dow Jones Industrial Average increased 1.32% and the Nasdaq 100 gained 1.78%. E-mini S&P and Nasdaq futures also reported gains of 1.49% and 1.77%, respectively. The rise in stock prices was driven by easing Middle East tensions, leading to a sharp decrease in crude oil prices by over 5%, which helped alleviate inflation fears and resulted in a drop of the 10-year T-note yield to 4.68%.
U.S. economic indicators showed strength as the July ISM manufacturing index increased by 2.3 points to 55.6, surpassing expectations of 53.9, marking the fastest expansion pace in four years. However, U.S. construction spending unexpectedly fell by 0.1% month-over-month in June, contrary to expectations for a 0.2% increase. Market analysts forecast a 66% probability of a 25 basis point rate hike by the Federal Open Market Committee at its next meeting on September 15-16.
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