On Wednesday, September 6, 2023, the S&P 500 Index rose by 0.26%, while the Dow Jones Industrial Average fell by 0.04%, and the Nasdaq 100 Index increased by 0.74%. This movement was influenced by positive earnings reports from CoreWeave and Super Micro, along with a favorable July Consumer Price Index (CPI) report that showed a year-on-year inflation rate of 3.4%, slightly down from 3.5% in June. Analysts now estimate a 40% chance of a 25 basis point interest rate hike at the next Federal Open Market Committee (FOMC) meeting on September 15-16, reduced from 51% the previous day.
CoreWeave experienced a boost, with stock soaring over 19% after projecting Q3 revenues of $3.45 to $3.60 billion, while Super Micro surged by more than 18% following better-than-expected revenue guidance. Overall, 85% of the 446 S&P 500 companies reporting their Q2 earnings have beaten estimates, suggesting a strong earnings growth forecast of nearly 32% for Q2, significantly above previous projections of 23%, driven largely by AI infrastructure spending.
In international markets, the Euro Stoxx 50 fell by 0.26%, China’s Shanghai Composite rose by 0.32%, and Japan’s Nikkei-225 increased by 0.83%. Investors will be monitoring upcoming Treasury bond sales, with $35 billion in 30-year T-bonds scheduled for Thursday.
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