The S&P 500 Index closed down by 0.52% and the Dow Jones Industrial Average fell by 0.51% on Monday, marking a two-week low for the Dow. The Nasdaq 100 Index decreased by 0.17%. In contrast, E-mini S&P futures fell 0.48% while September E-mini Nasdaq futures slipped 0.17%. The decline in stock indices coincided with a rise in crude oil prices, which reached a three-week high, driven by escalating tensions between the U.S. and Iran.
On the economic front, August’s Empire manufacturing survey saw general business conditions index unexpectedly rise by 5.0 to a four-and-a-half-year high of 20.6. Similarly, the NAHB housing market index increased by 1 to 35. Global concerns were reflected in China’s July industrial production growth of 4.5% year-over-year, falling short of the 5.0% expectation, while retail sales and the jobless rate also missed forecasts, signaling a weakening economy.
In the commodities market, September WTI crude oil prices increased by over 2% amid fresh hostilities in the Middle East. U.S. Energy Secretary Chris Wright indicated that the U.S. is committed to a sustained strategy regarding Iran, limiting crude supply from the region. The market is anticipating a 36% probability of a 25 basis point rate hike in the Federal Open Market Committee meeting set for September 15-16.
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