On September 4, 2023, the S&P 500 Index is down 0.25%, while the Dow Jones Industrial Average has fallen 0.69%, reaching a 5-week low. The Nasdaq 100 Index shows a slight gain of 0.12%. This decline follows pressures from rising inflation risks, exacerbated by WTI crude oil prices climbing over 3% to a 3.25-month high amid escalating tensions in the Middle East. Notably, the 10-year Treasury note yield has reached 4.85%, its highest in 2.75 years, impacting stock market performance.
In economic news, US MBA mortgage applications fell 2.7% in the week ending September 4, with the average 30-year fixed-rate mortgage rising to a 14-month high of 6.85%. Additionally, the escalating trade conflict between the US and Canada could further affect market sentiment, as Canada has imposed tariffs on US goods in retaliation for US tariffs on Canadian imports.
Overseas markets are mixed, with the Euro Stoxx 50 down 1.65% and China’s Shanghai Composite up 0.28%. European government bond yields have also risen, with Germany’s 10-year bund yield hitting a 15-year high of 3.43%. Markets anticipate a 100% chance of a 25 basis point rate hike from the ECB in their upcoming meeting.
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