Stocks Push Higher as Crude Oil and Bond Yields Stabilize
The S&P 500 Index gained 0.50% today, while the Dow Jones Industrial Average rose 0.79% and the Nasdaq 100 Index increased 0.17%. E-mini S&P futures rose 0.49% and September E-mini Nasdaq futures gained 0.15%. The stock index futures recovered from overnight declines and moved higher as crude oil prices declined, causing bond yields to fall.
US Energy Secretary Wright reported that over 17 million barrels of oil passed through the Strait of Hormuz, alleviating supply worries and driving the 10-year T-note yield down 1 basis point to 4.79%, benefiting stocks. New York Fed President Williams' comments, indicating that inflation is gradually decreasing, also contributed to the rally.
Despite mixed economic data, such as stronger-than-expected July factory orders and a lower-than-expected ADP employment change, the markets were buoyed by the overall positive trends in crude oil prices and bond yields.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
