The S&P 500 Index ($SPX) (SPY) is up by +0.01% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.41%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.43%. December E-mini S&P futures (ESZ26) are up +0.03%, and December E-mini Nasdaq futures (NQZ26) are up +0.45%. Stock indexes are mixed today, with the S&P 500 posting a 5-week high and the Nasdaq 100 posting a 3.5-month high.
Weaker crude oil prices today are easing inflation risks, lowering bond yields, and boosting market sentiment. WTI crude oil is down nearly -1% today at a 3-week low after Japan's Kyodo News Agency reported that Iran has proposed to reopen the Strait of Hormuz within seven days if the US blockade is lifted. SpaceX Has Huge, Unusual Put Options Volume - Is SPCX Set to Fall or Rise From Here?
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Stocks also have support on positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping. In addition, stock indexes rose on support from a rally in chipmakers and AI-infrastructure stocks. Stock indexes fell back from their best levels and turned mixed after the Sep Richmond Fed manufacturing survey fell more than expected to a 7-month low, and after T-note yields moved higher when Boston Fed President Susan Collins warned that inflation may remain above the Fed's 2% target, suggesting she may favor additional Fed tightening.
Weakness in financial stocks are also weighing on the Dow Jones Industrials. The US Sep Richmond Fed manufacturing survey fell -6 to a 7-month low of -2, weaker than expectations of 2. Hawkish comments today from Boston Fed President Susan Collins suggest she may favor additional Fed tightening when she said she saw an "increased likelihood" of scenarios in which inflation remains "notably above 2%." Oct WTI crude oil prices (CLV26) are down nearly -1% today at a 3-week low after Japan's Kyodo News Agency reported that Iran has proposed to reopen the Strait of Hormuz within seven days if the US blockade of Iranian ports is lifted.
Crude prices added to their losses on signs that diplomacy may bring an end to Middle East hostilities after a spokesman for Iran's Islamic Revolutionary Guard said that "if our national interests require us to negotiate alongside the war, we must negotiate." In addition, people familiar with the matter said Saudi Arabia is in the early stages of restarting its East-West pipeline and resuming crude exports from its Red Sea port of Yanbu later this week. Markets are discounting a 53% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28. Overseas stock markets are higher today.
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