The S&P 500 Index ($SPX) (SPY) is up by +0.93% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.39%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.97%. December E-mini S&P futures (ESZ26) are up +1.00%, and December E-mini Nasdaq futures (NQZ26) are up +2.14%.
Stock indexes are rising today, with the S&P 500 posting a 1.5-week high and the Nasdaq 100 posting a 5-week high. Stocks are finding support today on weakness in crude oil prices, which has pushed bond yields lower and improved market sentiment. WTI crude is down more than -4% at a 1-week low, and the 10-year T-note yield is down -3 bp to 4.96%. Also, positive anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping is lifting equity markets. In addition, stock indexes are climbing on support from a rally in chipmakers and AI-infrastructure stocks, along with a rally in cryptocurrency-exposed stocks, as Bitcoin's price surges to a 7.5-month high.
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Stocks garnered support today on optimism about talks between the US and China after US and Chinese officials offered upbeat assessments of their talks on artificial intelligence, trade, and investment ahead of this week's summit between Presidents Trump and Xi Jinping. US Trade Representative Jamieson Greer said, "The focus is on stability between the US and China," and we are working on a trade truce extension.
Today's US economic news showed the Aug Chicago Fed national activity index fell -0.12 to -0.04, right on expectations.
Hawkish comments today from Chicago Fed President Austan Goolsbee were negative for stocks and bonds when he said that to restore price stability, the Fed may need to raise interest rates further and narrow the gap between supply and demand, which could lead to drops in employment, wages, and growth.
Bitcoin (^BTCUSD) is up more than +5% today at a 7.5-month high, adding to last Friday's +5% surge, after the SEC moved forward with a plan to allow digital versions of securities to start trading in the US.
Oct WTI crude oil prices (CLV26) are down more than -4% today to a 1-week low on diplomatic efforts to end the US-Iran war and signs that crude flows are still getting through the Strait of Hormuz. President Trump said he would "probably" be open to meeting Iranian President Masoud Pezeshkian on the sidelines of the UN General Assembly in New York this week. Also, Admiral Brad Cooper, head of US Central Command, said crude and LNG flows in the past two weeks through the Strait of Hormuz are running at a six-month high.
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