S&P 500 E-Mini Dec '18 (ESZ18)Get Real-Time Futures
S&P 500 E-Mini Futures Market News and Commentary
The S&P 500 ($SPX) on Wednesday closed up by +8.71 (+0.30%), the Dow Jones Industrials index ($DOWI) closed up +38.46 (+0.15%), and the Nasdaq 100 Index ($IUXX) closed up by +32.34 (+0.42%). U.S. stock indexes moved higher Wednesday with the S&P 500 at a new 6-week high and the Dow Jones Industrials at a 7-week high on a dovish outcome to Wednesday's FOMC meeting. The FOMC downgraded its assessment of economic activity to "moderate" from "solid" at its May meeting and removed its reference of being "patient" on interest rates, which bolsters the outlook for a rate cut at the July 30-31 FOMC meeting. In fact, fed fund futures are now discounting the odds for a 25 bp rate cut at 100% at next month's FOMC meeting. The FOMC on Wednesday kept its U.S. 2019 GDP estimate unchanged at 2.1% but cut its 2019 core PCE estimate to 1.8% from a Mar projection of 2.0%. The FOMC kept its 2019 median Fed funds rate forecast unchanged at 2.4% but cut its 2020 median Fed funds rate forecast by 50 bp to 2.1% from 2.6% projected in March, which implies a 25 bp rate cut instead of the 25 bp increase that the FOMC had previously expected. The S&P 500 and Nasdaq 100 Stock indexes on Tuesday posted 6-week highs on the outlook for additional ECB stimulus along with an easing of U.S./China trade tensions. ECB President Draghi on Tuesday said that "additional stimulus will be required" if the economic outlook doesn't improve, and President Trump on Tuesday said that he will hold an "extended meeting" with Chinese President Xi Jinping at the G-20 meeting next week in Osaka, Japan. The VIX volatility index ($VIX) on Wednesday fell -0.82 to 14.33% and posted a 6-week low of 14.15%. The VIX remains far below the 1-month high from June 3 of 19.75% and the early-May 5-1/4 month high of 23.38%.
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