Stock Market Update
13-Aug-24 11:35 ET
Rate cut expectations increase slightly after PPI
Dow +193.56
at 39550.57,
Nasdaq +291.60
at 17072.21,
S&P +57.50
at 5401.89
[BRIEFING.COM] The market continues to climb. The S&P 500 and Nasdaq Composite are higher by at least 1.0% and the Dow Jones Industrial Average sports a 0.5% gain.
Rate cut expectations increased slightly after the PPI data. The likelihood of a 50 basis points rate hike at the September FOMC meeting sits at 54.5% now versus 50.0% yesterday, according to the CME FedWatch Tool.
The 2-yr Treasury note yield, which is most sensitive to changes in the fed funds rate, sits at 3.96% now, six basis points lower than yesterday.
