The S&P 500 Index closed up by 0.21% on September 6, while the Dow Jones Industrial Average rose by 0.22%. The Nasdaq 100 Index fell by 0.22%, reaching a 1.5-week low due to ongoing weakness in chipmaker and AI-infrastructure stocks. E-mini S&P futures increased by 0.20%, whereas September E-mini Nasdaq futures dropped by 0.21%. Key market support came from a decline in the 10-year T-note yield, which fell 5 basis points to 4.65% after the US Treasury announced a doubling of liquidity support buybacks to at least $4 billion.
In corporate news, Moderna’s stock surged over 176% after positive results from its personalized cancer vaccine trial with Merck & Co. The Trump administration also announced a temporary delay on 50% tariffs on Canadian products as a tentative trade agreement was reached. In economic indicators, US MBA mortgage applications fell by 0.4%, with a refinancing sub-index increasing by 1.5%. July CPI in the UK rose by 2.9% year-on-year, aligning with expectations.
Oil prices increased, with WTI crude oil rising by more than 1% to a three-week high amid escalating tensions in the Middle East. The Strait of Hormuz remains closed due to the ongoing conflict, keeping upward pressure on crude supplies. Analysts are currently forecasting a 32% chance of a 25 basis point rate hike at the next Federal Open Market Committee meeting on September 15-16.
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