On October 9, 2023, the S&P 500 Index rose by 0.37%, the Dow Jones Industrial Average gained 0.34%, and the Nasdaq 100 increased by 0.18%. E-mini S&P futures were up by 0.40%, while September E-mini Nasdaq futures increased by 0.20%. These gains followed positive comments from Fed Chair Warsh regarding the economy and a revision of the University of Michigan’s August consumer sentiment index to 51.7, surpassing expectations.
Despite these increases, chipmakers faced challenges, with Marvell Technology’s stock slumping 7% after projecting a Q3 adjusted gross margin below consensus. Notably, the August MNI Chicago PMI dropped to 47.1, marking a 10.5-point decline, while annual benchmark revisions showed a decline of 79,000 jobs in the U.S. nonfarm payrolls for 2026, indicating a weaker labor market than initially reported.
In commodities, October WTI crude oil prices decreased by nearly 1% due to larger oil exports from the Persian Gulf, reaching about 15-16 million barrels per day. Additionally, the Eurozone’s August economic confidence index showed improvement, rising to a 7-month high of 98.4, exceeding forecasts.
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