Nasdaq 100 E-Mini Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) today is up +1.58%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +1.56%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.88%.
Stocks rallied sharply on today’s favorable CPI report, which sparked hopes that inflation may be peaking and that the Fed may be able to ease up on its rate-hike regime.
The 10-year T-note yield is down -5 bp this morning on the CPI news, while the 2-year T-note yield showed a dramatic decline of -16 bp.
The July CPI report of unchanged m/m and +8.5% y/y was weaker than expectations of +0.2% m/m and +8.7% y/y. The July CPI eased from June’s report of +1.3% m/m and +9.1% y/y. Meanwhile, the July core CPI report of +0.3% m/m and +5.9% y/y was weaker than expectations of +0.5% m/m and +6.1%. The July core CPI report compared favorably with June’s report of +0.7% m/m and +5.9% y/y.
On a year-on-year basis, today’s July CPI report of +8.7% y/y was down by 0.4 points fr... Read more