On September 8, 2023, the S&P 500 Index ($SPX) fell by 0.50%, with the Dow Jones Industrial Average ($DOWI) declining by 0.67% and the Nasdaq 100 Index ($IUXX) down by 0.29%. The declines were influenced by heightened geopolitical tensions in the Middle East, which led to a more than 2% rise in WTI crude oil prices, now at a one-week high. The 10-year T-note yield climbed to a 19-month high of 4.76%.
Market participants are anticipating a 65% likelihood of a 25 basis point interest rate hike by the Federal Reserve in its upcoming meeting, an increase from 36% before comments made by Fed Chair Warsh last Friday. Simultaneously, mixed economic conditions from China revealed a rise in the August manufacturing PMI to 49.8, while non-manufacturing PMI remained unchanged at 49.0.
In earnings news, the S&P 500 is forecast to see a 32% growth for Q2, surpassing earlier projections of 23%. Up to 86% of reported earnings from S&P 500 companies have exceeded estimates, bolstered significantly by contributions from AI infrastructure stocks.
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