On Friday, September 8, 2023, major U.S. stock indices closed higher: the S&P 500 rose by +0.86%, the Dow Jones gained +0.98%, and the Nasdaq 100 increased by +0.91%. This growth came despite a -2.4% decline in oil prices, with E-mini S&P futures and September E-mini Nasdaq futures up +0.83% and +0.86%, respectively.
Data from the August Consumer Price Index (CPI) showed a monthly increase of +0.4%, aligning with market expectations, while core CPI rose +0.3%, slightly surpassing the +0.2% forecast. Year-over-year CPI remained at +3.4%. The odds of a Federal Reserve rate hike at the September 15-16 meeting increased to 88%, up from 75% following the CPI report. Meanwhile, the University of Michigan’s preliminary consumer sentiment index fell to 47.8, significantly below expectations.
U.S.-Canada trade tensions continue as Canada imposed tariffs of 15% to 50% on select U.S. goods in response to previous U.S. tariffs on $20 billion worth of Canadian products. Oil production in Saudi Arabia fell to its lowest level since 1990, at 6.238 million barrels per day, exacerbating market reactions to geopolitical tensions, including recent attacks on shipping vessels near Oman.
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