Today in the Market – Tue 08/13
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U.S. benchmark equity indexes extended Monday’s gains after the July’s U.S. Producer Price Index came in less than projected, increasing the odds of interest-rate cut by the Fed in September. The U.S. 2-year yield fell 7.5 basis points to 3.94%, while the 10-year rate slipped 6.1 basis point to close at 3.85%. Investors look ahead to the highly-anticipated July Consumer Price Index tomorrow for confirmation that price growth is continuing to moderate.
Technology and consumer discretionary stocks led the gainers, while energy was the only sector to buck the day’s trend. Nvidia jumped 6.5%, AMD rose 3.2%, and Meta Platforms closed 2.4% higher. Oil prices fell 2% amid concerns of dwindling demand after the OPEC cut its forecast for demand growth in 2024 due to the slowing Chinese economy.
The Nasdaq Composite closed the session higher by 2.4%, while the S&P 500 gained 1.7% to close at 5,434.4. The Dow Jones Industrial Average gained 1% to close the session at 39,765.6.