The S&P 500 Index ($SPX) (SPY) today is up +1.13%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +1.55%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +2.21%. September E-mini S&P futures (ESU26) are up +1.20%, and September E-mini Nasdaq futures (NQU26) are up +2.30%.
Stock indices are climbing today, with the S&P 500 and Dow Jones Industrials posting new all-time highs and the Nasdaq 100 posting a 2.5-week high. Strength in technology stocks is leading the broader market higher on some better-than-expected earnings results. Palantir Technologies is up more than +27% after reporting stronger-than-expected Q2 revenue and raising its full-year revenue forecast. Also, Zebra Technologies is up more than +19% after reporting better-than-expected Q2 EPS and raising its full-year EPS forecast. In addition, Caterpillar is up more than +5% after reporting Q2 adjusted EPS that was well above the consensus.
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Stocks also have support as a plunge in crude oil prices eases inflation fears and pushes bond yields lower. Crude prices gave up an overnight advance and turned sharply lower as the prospect of a deal between the US and Iran appears to be gaining traction after Qatar said a potential agreement to revive talks between the US and Iran has been drafted. The 10-year T-note yield is down -4 bp to 4.64%
On the negative side for stocks, today’s US economic news was weaker than expected. June factory orders unexpectedly fell -0.3% m/m, weaker than expectations of +0.2% m/m. Also, June factory orders ex-transportation unexpectedly fell -0.4% m/m versus expectations of +0.4% m/m and the biggest decline in 14 months. In addition, June JOLTS job openings fell -178,000 to 7.359 million, showing a weaker labor market than expectations of 7.454 million.
The US June trade deficit was -$73.3 billion, slightly larger than expectations of -$73.0 billion and a negative factor for Q2 GDP.
Sep WTI crude oil prices (CLU26) are down more than -4% today at a…
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