The S&P 500 Index ($SPX) (SPY) is down by -0.15% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.44%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.28%. E-mini S&P futures (ESU26) are down -0.17%, and September E-mini Nasdaq futures (NQU26) are up +0.22%. Stock indices are mixed today, with the Dow Jones Industrials falling to a 2-week low.
The strength in technology stocks is lifting the broader market today after stellar revenue growth at Anthropic PBC bolstered the view that spending on artificial intelligence will be sustained. Anthropic told prospective investors that its Q2 revenue jumped by at least 14-fold from the same period last year, according to a report today by Bloomberg. However, the weakness in software stocks is weighing on the Dow Jones Industrial Average.
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The Aug Empire manufacturing survey general business conditions index unexpectedly rose +5.0 to a 4.5-year high of 20.6, stronger than expectations of a decline to 10.0. Also, the Aug NAHB housing market index unexpectedly rose +1 to 35, stronger than expectations of a decline to 33. Signs of weakness in China's economy undercut global growth prospects and were negative for stocks.
China's July industrial production rose +4.5% y/y, weaker than expectations of +5.0% y/y. Also, China's July retail sales rose +0.6% y/y, weaker than expectations of +1.5% y/y. In addition, the China July survey jobless rate rose +0.2 to 5.2%, showing a weaker labor market than expectations of 5.1%.
Finally, China's July new home prices fell -0.18% m/m, the thirty-eighth consecutive month home prices have declined. Sep WTI crude oil prices (CLU26) are moving higher today amid fresh Israeli attacks on Iran-backed Hezbollah in Lebanon, dampening the prospects of ending hostilities in the Middle East and a quick reopening of the Strait of Hormuz. Also, Israel has struck Iran-backed Hamas in Gaza, the Yemen- based Houthis have attacked ships in the Red Sea, and several vessels have been hit by projectiles in the Strait of Hormuz.
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