The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.27%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.43%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.33%. September E-mini S&P futures (ESU25) rose +0.28%, and September E-mini Nasdaq futures (NQU25) rose +0.36%.
Stock indexes on Tuesday settled higher after the preliminary revision to US payrolls in the year through March showed the number of jobs was fewer than previously stated, bolstering the outlook for accelerated interest rate cuts by the Fed. Stocks remain underpinned by the prospect of a more accommodative Fed, as the markets have fully priced in a 25 bp rate cut by the Fed at next week’s FOMC meeting and priced in a 10% chance for a 50 bp rate cut.
