The S&P 500 Index rose by 0.37% and the Dow Jones Industrial Average increased by 0.67% on September 8, 2023, as U.S. stock indices climbed amid stabilizing crude oil prices which eased inflation concerns. Crude oil is currently consolidating below a one-month high following comments from Iranian President Masoud Pezeshkian regarding the conflict in the region. The market anticipates details from U.S. Treasury Secretary Bessent on plans to isolate Iran’s economy.
In economic news, the U.S. August S&P manufacturing PMI fell 0.7 to 53.2, while the S&P services PMI unexpectedly rose by 2.8 to 56.8, marking its fastest expansion in 4.5 years. Cryptocurrency-exposed stocks surged as Bitcoin hit a three-month high, increasing over 5% today and 20% this week, with over $2 billion in short positions liquidated since Wednesday.
Globally, mixed stock market performance was observed; the Euro Stoxx 50 gained 0.45%, while Japan’s Nikkei-225 fell by 0.30%. U.S. Treasury yields saw a slight uptick amid a positive earnings outlook for Q2, with S&P 500 companies tracking for earnings growth of nearly 32%, significantly higher than projections of 23%.
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