On Wednesday, September 6, 2023, U.S. stock indices closed higher, with the S&P 500 rising by 0.46%, the Dow Jones Industrial Average increasing by 0.56%, and the Nasdaq 100 gaining 0.23%. Key economic data revealed July factory orders increased by 0.9%, surpassing expectations of 0.7%, while the ADP employment change for August rose by just 38,000, falling short of projected gains of 47,000.
The 10-year T-note yield stabilized at 4.79%, following mixed economic indicators that eased Federal Reserve rate hike expectations. Bond yields continue to rise globally, with the UK 10-year gilt at 5.29% (a 19-year high), and Germany’s 10-year bund at 3.39% (a 15-year high).
Additionally, October WTI crude oil prices reached a six-week high amid ongoing tensions between the U.S. and Iran, with the U.S. conducting airstrikes and Iran responding with drone attacks on U.S. bases. The market is currently pricing in a 60% chance of a 25 basis point rate hike at the Fed’s upcoming meeting on September 15-16.
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