SPY is trading 1% up today as Fed Governor Christopher Waller said he would support holding rates steady at September’s meeting if incoming inflation data confirms continued cooling.
- Treasury yields eased after his remarks, improving valuations for technology and other rate-sensitive S&P 500 constituents.
- The rally is broad, with the Nasdaq and Dow also higher, although escalating U.S.-Iran tensions and rising oil prices are limiting gains.
- Investors are assessing resilient services activity, a wider trade deficit, and Friday’s employment report.