The stock market began the Labor Day-shortened trading week with slight declines, as the S&P 500 and Nasdaq opened lower on September 5, 2023. This comes after a notable rebound prompted by dovish remarks from Fed Governor Christopher Waller last Thursday.
Investors remain focused on key macroeconomic factors including potential rate hikes by the Federal Reserve, rising bond yields, and ongoing geopolitical tensions in the Middle East, particularly concerning the Strait of Hormuz. As the midterm elections approach, these elements could further influence market volatility.
Marathon Petroleum Corporation (MPC) is highlighted among stocks with a Zacks Rank of #1 (Strong Buy). MPC has seen its share price soar 145% year-to-date, buoyed by increased refining margins spurred by widening crack spreads. The company, which operates 13 refineries with a capacity of about 3 million barrels per day, has projected a 340% earnings increase for 2026, leading to an estimated $47.23 per share, compared to $10.70 in the previous year.
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