The S&P 500 Index ($SPX) (SPY) is up by +0.40% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.13%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.94%. E-mini S&P futures (ESU26) are up +0.35%, and September E-mini Nasdaq futures (NQU26) are up +0.94%.
Stock indices are climbing today, supported by weakness in crude oil prices, which is pushing bond yields lower. WTI crude oil is down more than -3% today, easing inflation expectations and knocking the 10-year T-note yield down by -4 bp to 4.66%. Chipmakers and AI-infrastructure stocks are also moving higher today, rebounding from recent weakness. Short covering has emerged in chipmakers ahead of Nvidia’s quarterly earnings results after the close on Wednesday.
