On September 8, 2023, the S&P 500 Index is down 0.27%, while the Dow Jones Industrial Average has risen by 0.26%, and the Nasdaq 100 is down 1.00%. E-mini S&P futures are showing a drop of 0.26%, with September E-mini Nasdaq futures down 1.05%. The Nasdaq 100’s decline is attributed to weakness in chipmakers and AI-infrastructure stocks.
Trade tensions have intensified, as the U.S. will impose a 50% tariff on approximately $20 billion worth of Canadian goods following collapsed negotiations. Canada has announced retaliatory measures set to take effect on September 8. Meanwhile, the 10-year T-note yield has decreased by 3 basis points to 4.70%, influenced by declining crude oil prices, which are down more than 2% today.
In earnings news, the S&P 500 is projected to see a 32% growth in Q2, surpassing expectations of 23%. Currently, 86% of S&P 500 firms that reported Q2 results have beaten analyst estimates. U.S. markets are also anticipating a press conference later today from Treasury Secretary Bessent on economic actions regarding Iran, following reported shipping activity in the Strait of Hormuz.
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