The S&P 500 Index is up 0.57% today, with the Nasdaq 100 and Dow Jones up 0.48% and 0.13%, respectively. Earnings from Microsoft and Meta Platforms have boosted market performance, with both indexes reaching new record highs. Trading included September E-mini S&P futures rising by 0.50% and September E-mini Nasdaq futures up 0.41%.
Initial U.S. unemployment claims rose by 1,000 to 218,000, lower than the expected 224,000, indicating a resilient labor market. However, personal spending increased by 0.3% in June, below expectations of 0.4%. The core PCE price index, the Fed’s preferred inflation gauge, rose by 2.8% year-over-year, surpassing the anticipated 2.7% increase. Upcoming Friday’s reports anticipate 109,000 new jobs added and an unemployment rate increase of 0.1% to 4.2%.
International markets showed mixed results, with the Euro Stoxx 50 down 1.15% and China’s Shanghai Composite sinking 1.18%. In bond markets, U.S. 10-year T-note yields decreased to 4.332%, amid slight declines in European government bond yields.
