Tip: Try a valid symbol or a specific company name for relevant results A pro-grade research workspace with advanced charts, company data and real-time news. Now part of Yahoo Finance Gold.Learn more Stocks Supported by Lower Oil Prices and Strength in US Retail Sales Wall street sign in New York City by f11photo via The S&P 500 Index ($SPX) (SPY) is up by +0.18% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.68%. E-mini S&P futures (ESU26) are up +0.29%, and September E-mini Nasdaq futures (NQU26) are up +0.68%.
Stock indexes are mixed today. The broader market is moving higher today as a decline in crude oil prices lowers bond yields and improves market sentiment. Crude prices fell after weekly data from API late Tuesday showed US crude inventories jumped by +7.1 million bbl last week and inventories of gasoline and distillates also expanded.
The EIA will release its weekly petroleum inventory report later today. Stocks added to their gains today on signs of US economic strength after US Aug retail sales rose more than expected. Chipmakers are also climbing today to support broader market gains, with Intel up more than +6% after a report that the company was in talks with South Korean chipmaker SK Hynix to produce memory chips in the US for the first time.
US MBA mortgage applications fell -4.1% in the week ended September 11, with the purchase mortgage sub-index down -0.8% and the refinancing mortgage sub-index down -8.8%. The average 30-year fixed-rate mortgage rose +12 bp to a 15-month high of 6.97% from 6.85% in the prior week. US Aug retail sales rose +1.2% m/m, stronger than expectations of +0.8% m/m and the biggest increase in 5 months.
Aug retail sales ex-autos rose +1.4% m/m, stronger than expectations of +0.6% m/m. The Federal Reserve is expected to raise interest rates later today for the first time since 2023, as inflation pressures remain above its 2% target. The Federal Open Market Committee (FOMC) is expected to lift the fed funds target range by +25 bp to 3.75%-4.00% and provide updated economic forecasts and rate projections.
The markets will also focus on comments from Fed Chair Warsh at the post-meeting press conference. Oct WTI crude oil prices (CLV26) are down by more than -2% today after the weekly API report late Tuesday showed US crude inventories rose by +7.1 million bbl last week. Crude prices surged to a 3.75-month high on Tuesday as disruptions to Middle East supplies persisted, further tightening global oil supplies.
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