Key Takeaways
- U.S. stock markets continued their upward trajectory today, with the Nasdaq (NDX) gaining a notable 1.00% and the S&P 500 (SPX) rising 0.8%.
- Oil prices reversed earlier gains to turn negative, indicating potential shifts in energy market sentiment.
- Treasury futures experienced a volatile session, causing long-end yields to spike to session highs before retreating, driven by flow rather than fundamental triggers.
- Russia's Economy Ministry reported a slight easing in consumer inflation, which dropped to 8.77% as of August 4, down from 9.02% a week prior.
U.S. equity markets demonstrated strong performance today, with major indices extending their gains. The Nasdaq 100 notably climbed 1% to reach a session peak, while the broader S&P 500 advanced 0.8%. This continued rise in U.S. stocks suggests persistent investor confidence in the market's current momentum.
In the commodities market, oil prices experienced a notable reversal, turning negative after initially posting gains earlier in the trading day. This shift could reflect evolving supply-demand dynamics or broader macroeconomic concerns influencing the energy sector.
The bond market saw significant volatility in Treasury futures, which led to a spike in long-end yields to session highs. This move, described as flow-driven rather than fundamentally triggered, later unwound as yields retreated from their peaks, highlighting the sensitivity of bond markets to trading activity.
Meanwhile, economic data from Russia indicated a slight moderation in consumer inflation. The Economy Ministry reported that consumer inflation stood at 8.77% as of August 4, a decrease from 9.02% recorded just a week earlier.
In geopolitical developments, Prime Minister Benjamin Netanyahu met with a bipartisan delegation from the U.S. House of Representatives Intelligence Committee today. Key attendees included Mossad Director David Barnea and U.S. Representatives Rick Crawford, Josh Gottheimer, and Ronny Jackson, underscoring ongoing diplomatic and security dialogues. Separately, a source familiar with the matter reported that Donald Trump was speaking on the phone with Ukrainian President Zelensky. A Swiss leader also characterized a meeting with Senator Rubio as "good," as reported by the Wall Street Journal.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.