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Stock Market News Today, 9/11/23 – Indices Close Higher, Led by the Nasdaq
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Stock Market News Today, 9/11/23 – Indices Close Higher, Led by the Nasdaq

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Indices closed today’s trading higher. In August, individuals held a relatively steady stance on inflation expectations but had growing concerns over employment prospects. Nevertheless, Treasury Secretary Janet Yellen expressed her growing confidence in the stability of the U.S. economy.

Stock indices finished today’s trading session in the green. Indeed, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.19%, 0.67%, and 0.25%, respectively

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The energy sector (XLE) was the session’s laggard, as it fell 1.27%. Conversely, the consumer discretionary sector (XLY) was the session’s leader, with a gain of 2.7%.

Furthermore, the U.S. 10-Year Treasury yield saw a slight increase to 4.29%, a two basis point jump. On the other hand, the Two-Year Treasury yield slightly fell, as it hovers around 4.99%.

Last updated: 2:44PM EST

Stocks remain in the green at the time of writing. In August, individuals held a relatively steady stance on inflation expectations, albeit harboring growing concerns regarding employment prospects and obtaining credit, as depicted in a recent report from the Federal Reserve Bank of New York.

Specifically, predictions for inflation in the short and long term presented a mixed bag; while the average forecasts for inflation over one and five years saw minor increases, landing at 3.6% and 3.0%, respectively, the three-year outlook took a slight dip to 2.8%.

Meanwhile, apprehensions regarding job stability intensified, with a notable spike in the estimated likelihood of job loss in the forthcoming year, hitting a peak not seen since April 2021.

Consumer attitudes have further soured concerning their financial trajectory, anticipating a growing rift between their projected expenditure and income growth. Alarmingly, the median prediction for household income growth slumped to its lowest since July 2021, settling at 2.9% in August. Similarly, hopes for a surge in household spending were dialed back a notch.

Amidst this, the climate for credit accessibility has turned increasingly grim, with a significant portion of households finding it tougher to secure credit compared to the previous year, a trend expected to persist. However, it wasn’t all gloomy, as individuals displayed diminished fears over potential defaults on minimum debt payments in the next quarter, offering a silver lining in a cloud of financial uncertainty.

Last updated: 11:00AM EST

Stocks are in the green so far in today’s trading after Treasury Secretary Janet Yellen expressed her growing confidence in the stability of the U.S. economy, according to Bloomberg. Indeed, recent indicators point towards a controlled slowdown in inflation and a positive trajectory in the employment sector.

Yellen was upbeat about her earlier forecasts regarding the country dodging a recession while managing retail inflation effectively. Her confidence stems from observable trends where core inflation levels remain steady, as emphasized by a recent note from Morgan Stanley predicting minimal shifts in the upcoming CPI report.

Further bolstering this optimistic outlook, the analysis reveals a healthy adjustment in the labor market, with no significant rise in layoffs, a factor attributed to the Federal Reserve’s proactive strategies. Furthermore, Morgan Stanley has echoed Yellen’s sentiment, anticipating the Federal Reserve to maintain its current stance, given the balanced risks associated with potential inflation deviations.

The firm foresees the federal funds rate plateauing at around 5.375%, indicating a period of stability in the economic landscape.

Last updated: 9:30AM EST

Stocks opened higher to start the week with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 0.93%, 0.66%, and 0.5%, respectively, at 9:30 a.m. EST, September 11.

First published: 4:09AM EST

U.S. Futures are inching higher on Monday morning in anticipation of key inflation reports this week. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.60%, 0.43%, and 0.35%, respectively, at 4:00 a.m. EST, September 11.

On Wednesday, September 13, data on August’s Consumer Price Index (CPI) will be released. It will be followed by the Producer Price Index (PPI) data on Thursday. Traders will keenly watch these readings as the Federal Reserve will consider them in its upcoming interest rate decision. These economically significant releases will drive the direction of the markets for the next couple of days. Further, Retail Sales data for August, Consumer Sentiment Index reading, and weekly Initial Jobless Claims will be released this week.

Meanwhile, software giant Oracle (ORCL) will report its Q1FY24 results today after the bell. Also, Adobe (ADBE) will report its Q3FY23 results on September 14, after the market closes. Remarkably, Apple (AAPL) is set to present the much-awaited iPhone 15 at the “Wonderlust” event scheduled for September 12. The tech giant is in jeopardy as one of its biggest markets, China, is banning the use of iPhones by government officials.

In other news, J.M. Smucker (SJM) is reportedly finalizing an acquisition deal with Hostess Brands (TWNK). The transaction is expected to be valued at about $4 billion. And shares of Chinese e-commerce giant Alibaba Group (BABA) are down by 3% in Hong Kong trading this morning on the news of Daniel Zhang’s abrupt exit from its Cloud Business.

Elsewhere, European indices are trading in the green this morning as traders anticipate important data releases this week. The European Central Bank (ECB) will disclose its monetary policy decision on September 14, with a 25-basis point hike largely expected.  

Asia-Pacific Markets End Mixed on Monday

Asia-Pacific indices finished mixed on Monday. A slew of important economic reports are expected this week from different nations. China’s CPI grew 0.1% year-over-year in August, lower than the 0.2% growth expected. At the same time, PPI declined 0.3% on an annualized basis, as expected.

Following the news, Hong Kong’s Hang Seng index ended lower by 0.47%, while China’s Shanghai Composite and Shenzhen Component indices ended up by 0.84% and 0.98%, respectively.  

Japan’s Nikkei ended down by 0.43%, while the Topix index closed near the flatline.

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