On September 8, 2023, U.S. stock indexes rose, with the S&P 500 Index up 0.89%, the Dow Jones Industrial Average increasing by 0.81%, and the Nasdaq 100 Index climbing 0.95%. This upward trend was supported by a more than 2% decline in oil prices following a report of August’s Consumer Price Index (CPI), which showed a core CPI increase of 0.3% month-over-month, slightly above expectations of 0.2%, and a nominal CPI rise of 0.4% in line with predictions.
Despite the positive stock market movement, consumer sentiment weakened, as evidenced by the University of Michigan’s preliminary September index falling to 47.8, a decrease of 3.9 points from August. This was below market expectations and accompanied by rising inflation expectations among consumers, which increased from 4.0% to 4.6% for the one-year outlook.
In related market activities, the odds of a Federal Open Market Committee (FOMC) rate hike next week increased to 88% from 75%, influenced by the CPI data. Oil prices continued to weigh on market sentiment, particularly after Canada imposed tariffs on U.S. goods in retaliation for previous U.S. tariffs, further complicating the trade landscape.
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