S&P 500 Micro Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) Friday closed +1.73%, the Dow Jones Industrials Index ($DOWI) (DIA) closed +1.27%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +2.06%.
Stocks on Friday rallied after the stronger-than-expected U.S. consumer sentiment index put the U.S. economy in a mildly stronger light. Stocks also saw support from Friday’s -5 bp decline in the 10-year T-note yield and the favorable U.S. import price report.
The University of Michigan reported that its preliminary-Aug U.S. consumer sentiment index rose by +3.6 points to a 3-month high of 55.1, which was stronger than market expectations of +1.0 point to 52.5. The uptick in consumer sentiment was a step in the right direction, but the index is still only 5.1 points above June’s record low of 50.0 (data since 1978). Consumers remain worried about inflation, high gasoline prices, rising interest rates, and a weakening labor market if the economy continues to slide.
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