The S&P 500 Index closed down 0.25% on Friday, September 8, 2023, influenced by rising bond yields and Fed Chair Warsh’s remarks increasing the probability of a Federal Reserve interest rate hike from 36% to 57% for the upcoming FOMC meeting. The 10-year Treasury note yield rose by 5 basis points to 4.72%. Economic indicators revealed a downward revision of 79,000 jobs in U.S. nonfarm payrolls for 2026, highlighting a weaker labor market than previously thought. Additionally, the August MNI Chicago PMI unexpectedly fell to 47.1, marking its steepest contraction in eight months.
Marvell Technology saw a significant decline, dropping 10% after forecasting a Q3 gross margin below consensus. Broader market trends reflected a retreat in chipmakers and AI infrastructure stocks, while the University of Michigan’s revised consumer sentiment index rose slightly to 51.7. Overseas, markets were mixed, with the Euro Stoxx 50 up by 0.95% and Japan’s Nikkei climbing 0.41%, while China’s Shanghai Composite fell 0.11%.
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