The S&P 500 Index ($SPX) (SPY) today is up +0.07%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.47%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.63%.
Stocks are mixed today, with the Nasdaq 100 falling to a 3-1/2 week low. Weakness in chip stocks is weighing on Nasdaq 100 today, led by a -9% fall in Broadcom after it gave disappointing guidance on Q4 revenue. Also, weakness in the US labor market is a negative factor for the economy after US Aug nonfarm payrolls rose less than expected and July payrolls were revised lower. However, stocks found support as the weak payroll report knocked the 10-year T-note yield down to a 15-month low and boosted the chances for a 50 bp Fed rate cut at the Sep 17-18 FOMC meeting to 56% from 38% before the report.
