Daily global market review

In the market's fourth consecutive session of gains, the upward movements were more moderate compared to recent sessions. The S&P 500 closed above the 4,500 mark, and the Nasdaq Composite also finished near their daily highs, thanks to support from large-cap stocks. An initial decline in market rates following weaker-than-expected economic data earlier in the day provided initial support, although Treasury yields rose from their intraday lows as the day progressed.

The ADP Employment Change Report for August indicated the addition of around 177,000 jobs to private-sector payrolls, slightly below the expected 195,000. This followed an upward revision to 371,000 jobs in July from an initial report of 324,000. Meanwhile, the second estimate for Q2 GDP was adjusted downward to 2.1%, below the expected 2.4%, and the GDP Price Deflator was revised down to 2.0% from a predicted 2.2%.

Market rates experienced some fluctuations as a result. The 2-year note yield, which was at 4.90% before the GDP report, decreased to 4.82% before settling at 4.88% by the end of the session. Similarly, the 10-year note yield, initially at 4.15%, fell to 4.09% following the data and settled at 4.12%.

The upward momentum was primarily driven by strength in the mega-cap space, with the Vanguard Mega Cap Growth ETF (MGK) rising by 0.7%, while the Invesco S&P 500 Equal Weight ETF (RSP) increased by 0.3%. The S&P 500, weighted by market capitalization, closed with a 0.4% gain.

Among the S&P 500 sectors, nine out of eleven registered gains, with information technology (+0.8%) and energy (+0.5%) leading the way. However, the utilities (-0.4%) and health care (-0.03%) sectors performed less favorably.

Several individual stocks had notable performances today. Ambarella (AMBA) saw a sharp decline of 20.4% after reporting better-than-expected earnings but providing a Q3 revenue guidance well below consensus. HP Inc. (HPQ) also experienced a significant drop of 6.6% after reporting EPS in line with expectations but lowering its Q4 (Oct) expectations due to aggressive pricing in the PC market, sluggish demand in China, and softening enterprise demand. On the positive side, Hewlett Packard Enterprise (HPE) received a favorable response after beating earnings estimates.

In terms of economic data, the weekly MBA Mortgage Applications increased by 2.3%, and the ADP Employment Change for August was 177,000, falling short of the expected 195,000. The second estimate for Q2 GDP was 2.1%, below the expected 2.4%, and the GDP Price Deflator was revised down to 2.0% from the predicted 2.2%. Despite the mixed economic data, the market's belief in a soft landing scenario and expectations of a restrained inflation environment continue to influence investor sentiment.

In the realm of commodities, the Bloomberg Commodity Index exhibited a modest increase of 0.34%, reaching 239.26. Similarly, the UBS Bloomberg CMCI displayed a marginal rise of 0.17%, achieving a value of 1,547.95. The Reuters/Jefferies CRB index showcased a more significant growth of 0.50%, closing at 315.48. The Rogers International index also participated in the upward trend, gaining 0.51% and closing at 3,834.94.

Examining energy commodities, WTI Crude Oil on the Nymex market experienced a positive movement of 0.58%, closing at USD 81.63 per barrel in the October 2023 contract. Brent Crude on ICE displayed a similar trend, recording a gain of 0.54% and concluding at USD 85.95 per barrel for the October 2023 contract. RBOB Gasoline on Nymex increased by 0.67%, amounting to 280.92 USd/gal. for the September 2023 contract. In contrast, Natural Gas on Nymex exhibited a substantial surge of 5.03%, closing at USD 2.80 per MMBtu for the October 2023 contract. Conversely, Heating Oil on Nymex witnessed a decrease of 3.53%, closing at 309.62 USd/gal. for the September 2023 contract.

Moving on to precious and industrial metals, Gold on Comex demonstrated a positive movement of 0.40%, settling at USD 1,973.00 per troy ounce for the December 2023 contract. The spot price of Gold (XAUUSD) also followed a similar trend, showing a gain of 0.25%, closing at USD 1,942.32 per troy ounce. Silver on Comex, however, experienced a slight decline of 0.14%, ending at USD 25.10 per troy ounce for the December 2023 contract. Copper on Comex displayed a minor increase of 0.13%, closing at 384.40 USd/lb. for the December 2023 contract. Platinum Spot's price remained unchanged at USD 979.85 per troy ounce.

In the realm of agriculture, Corn on CBOT witnessed a decline of 1.23%, settling at 480.75 USd/bu. for the December 2023 contract. Wheat on CBOT, on the other hand, exhibited a positive movement of 1.08%, closing at 607.00 USd/bu. for the same contract. Cocoa on ICE experienced a notable increase of 1.42%, closing at USD 3,639.00 per metric ton for the December 2023 contract. Similarly, Cotton #2 on ICE saw a rise of 1.14%, closing at 87.88 USd/lb. for the December 2023 contract. Live Cattle on CME, however, witnessed a decrease of 0.79%, concluding at 180.05 USd/lb. for the October 2023 contract.

In the realm of stock indices, the Dow in the United States stood at 34,890.24, displaying a minor increase of 0.11% or +37.57 points. The S&P 500, also in the U.S., reached 4,514.87, showing a rise of 0.38% or +17.24 points. Similarly, the NASDAQ index in the U.S. marked 14,019.31, reflecting a growth of 0.54% or +75.55 points. Conversely, the VIX index in the U.S. decreased by 3.94% or -0.57 points, settling at 13.88. The Russell 2000 index in the U.S. recorded a gain of 0.40% or +7.67 points, reaching 1,903.21. The Canadian market displayed positive movement as well, with the S&P/TSX Composite at 20,330.32, reflecting an increase of 0.20% or +39.91 points, while the S&P/TSX 60 in Canada rose by 0.27% or +3.24 points, amounting to 1,218.01. In Brazil, the BOVESPA index decreased by 0.73% or -868.51 points, settling at 117,535.10. The S&P IPSA in Chile marked 6,028.19, showing a decline of 0.52% or -31.46 points. Meanwhile, the S&P/BMV IPC in Mexico experienced a positive movement of 0.24% or +129.41 points, reaching 54,390.74.

Shifting focus to Europe, the STOXX Europe 50 index registered 3,976.50, indicating a decrease of 0.25% or -10.02 points. The STOXX Europe 600 also displayed a decline of 0.15% or -0.70 points, settling at 459.13. In the United Kingdom, the FTSE 100 index saw a rise of 0.12% or +8.68 points, reaching 7,473.67, while Italy's FTSE MIB increased by 0.09% or +26.94 points, marking 28,916.70. France's CAC 40 index showed a slight decrease of 0.12% or -9.03 points, settling at 7,364.40.

Looking at Asia, the Nikkei 225 index in Japan reached 32,333.46, marking a growth of 0.33% or +106.49 points. Hong Kong's Hang Seng index experienced a minimal decrease of 0.01% or -1.17 points, amounting to 18,482.86. China's Shanghai Composite index rose by 0.04% or +1.25 points, reaching 3,137.14. Australia's S&P/ASX 200 index exhibited a notable increase of 1.21% or +87.20 points, standing at 7,297.70. South Korea's KOSPI index gained 0.35% or +9.06 points, reaching 2,561.22. Taiwan's Taiwan SE index marked 16,719.82, showing a growth of 0.58% or +96.17 points.

In the realm of Indian stock indices, various indices have shown distinct patterns as of August 30th. Among them, the BSE MidCap index displayed an upward trajectory, climbing by 0.55% to reach 31,207.87. This rise was attributed to a positive change of +170.90 points. In contrast, the BSE Sensex experienced a marginal increase of 0.02%, with a gain of +11.43 points, reaching a value of 65,087.25. Another index, the BSE SmallCap, exhibited a more notable upswing of 0.83%, marked by a substantial gain of +303.51 points, culminating in a value of 36,851.14. Meanwhile, the India VIX index, associated with market volatility, displayed a decrease of -3.48%, with a shift of -0.4250 points, settling at 11.8000. Among other noteworthy movers, the NIFTY Midcap 100 surged by 0.73%, reflecting a gain of +282.75 points, and the NIFTY Smallcap 100 soared by 1.03%, accompanied by a growth of +123.75 points, both indices reaching values of 39,077.55 and 12,145.40 respectively. In contrast, the Nifty 50 USD exhibited a slight decline of -0.01%, marking a decrease of -0.43 points, to attain a value of 8,103.22. The Nifty 50 Value 20, characterized by value-based stocks, advanced by 0.44% with a gain of +43.60 points, reaching 10,061.95. Notably, the S&P BSE ALLCAP showed a positive movement of 0.27%, gaining +20.83 points to land at 7,818.16. Various other indices experienced diverse shifts as well, such as the Nifty 200 (+0.18%), Nifty 100 (+0.08%), Nifty 50 (+0.02%), Nifty 500 (+0.25%), Nifty Midcap 150 (+0.65%), Nifty Midcap 50 (+0.86%), Nifty Next 50 (+0.35%), and Nifty Smallcap 250 (+0.88%). Furthermore, the S&P BSE-100 rose by 0.12%, the S&P BSE-200 increased by 0.16%, and the S&P BSE-500 advanced by 0.24%, displaying gains in their respective indices.

• Tesla, Inc. (TSLA) stock price stood at 256.90, showing a decrease of 0.28, equivalent to -0.11% change. The trading volume was 122 million shares, with a 52-week range spanning from 101.81 to 313.80.
• Tilray Brands, Inc. (TLRY) stock price increased to 2.66, marking a rise of 0.26 or +10.83%. The trading volume reached 75 million shares, and its 52-week range was between 1.50 and 5.12.
• NVIDIA Corporation (NVDA) stock price rose to 492.64, indicating a growth of 4.80 or +0.98%. The trading volume was 73 million shares, and its 52-week range extended from 108.13 to 502.66.
• iCoreConnect Inc. (ICCT) stock price surged to 12.28, reflecting an increase of 6.64 or +117.73%. The trading volume reached 68 million shares, with a 52-week range from 0.91 to 12.43.
• Palantir Technologies Inc. Class A (PLTR) stock price reached 16.33, showing a rise of 0.93 or +6.04%. The trading volume stood at 65 million shares, and its 52-week range spanned from 5.92 to 20.24.
• Apple Inc. (AAPL) stock price marked 187.65, indicating a growth of 3.53 or +1.92%. The trading volume was 61 million shares, with a 52-week range between 124.17 and 198.23.
• AMC Entertainment Holdings, Inc. Class A (AMC) stock price reached 12.73, showing an increase of 1.82 or +16.68%. The trading volume stood at 55 million shares, and its 52-week range extended from 10.72 to 94.85.
• Advanced Micro Devices, Inc. (AMD) stock price stood at 106.59, reflecting an increase of 0.67 or +0.63%. The trading volume was 55 million shares, and its 52-week range spanned from 54.57 to 132.83.
• NIO Inc. Sponsored ADR Class A (NIO) stock price reached 10.67, indicating a decrease of 0.22 or -2.02%. The trading volume stood at 46 million shares, and its 52-week range extended from 7.00 to 22.74.
• Marathon Digital Holdings Inc (MARA) stock price marked 13.47, showing a decrease of 0.21 or -1.54%. The trading volume reached 38 million shares, with a 52-week range between 3.11 and 19.88.
• iCoreConnect Inc. (ICCT) stock price saw an increase to 12.28, marking a rise of 6.64 or +117.73%. The trading volume was 68 million shares, with a 52-week range extending from 0.91 to 12.43.
• AEON Biopharma, Inc. Class A (PMGM and AEON) stock price reached 5.72, showing an increase of 1.70 or +42.29%. The trading volume stood at 974 thousand shares, and its 52-week range spanned from 3.37 to 14.68.
• Digital Brands Group, Inc. (DBGI) stock price surged to 11.38, indicating a growth of 2.86 or +33.57%. The trading volume was 6 million shares, and its 52-week range extended from 7.34 to 381.00.
• Alarum Technologies Ltd Sponsored ADR (ALAR) stock price marked 3.54, reflecting an increase of 0.83 or +30.63%. The trading volume stood at 382 thousand shares, and its 52-week range spanned from 1.46 to 6.00.
• Beneficient Class A (BENF) stock price reached 2.68, showing a rise of 0.59 or +28.23%. The trading volume was 407 thousand shares, with a 52-week range between 1.69 and 16.50.
• Martin Midstream Partners L.P. (MMLP) stock price reached 3.05, indicating a growth of 0.64 or +26.56%. The trading volume stood at 792 thousand shares, and its 52-week range spanned from 1.95 to 4.27.
• Allurion Technologies, Inc. (ALUR) stock price stood at 3.84, reflecting an increase of 0.73 or +23.47%. The trading volume was 73 thousand shares, and its 52-week range extended from 2.63 to 10.94.
• VCI Global Limited (VCIG) stock price marked 5.66, showing a rise of 1.02 or +21.98%. The trading volume reached 1 million shares, with a 52-week range between 1.53 and 24.20.
• Fresh2 Group Limited Sponsored ADR Class A (FRES) stock price reached 2.79, indicating an increase of 0.48 or +20.75%. The trading volume was 53 thousand shares, and its 52-week range spanned from 1.60 to 11.99.

Lastly, in the realm of cryptocurrencies, the Nasdaq Crypto Index reached 1,573.30, experiencing a decrease of 1.35% or -21.51 points. Bitcoin's price was at 27,262.00, reflecting a decrease of 1.58% or -438.00. Ether showed a decrease of 1.37% or -23.60, amounting to 1,703.50. Litecoin's price marked 67.68, indicating a decline of 1.56% or -1.07. XRP's price reached 0.53, showing a decrease of 2.16% or -0.01.

Shifting to bond yields and rates, the 3 Month Treasury yielded at 5.320%, experiencing a slight increase of 0.008. The 2 Year Treasury yielded at 4.871%, reflecting a decrease of 0.033. The 5 Year Treasury yielded at 4.275%, marking a growth of 0.014. The 10 Year Treasury yielded at 4.111%, experiencing a minor decrease of 0.002. The 30 Year Treasury yielded at 4.228%, reflecting a slight increase of 0.003.

In the realm of currencies, the Euro to US Dollar rate was at 1.0926, showing a minor increase of 0.04%. The British Pound to US Dollar rate stood at 1.2719, reflecting a growth of 0.02%. The US Dollar to Canadian Dollar rate reached 1.3532, indicating a decrease of 0.02%. The US Dollar to Swiss Franc rate was at 0.8786, marking an increase of 0.05%. The US Dollar to Japanese Yen rate reached 146.2100, showing a growth of 0.01%.

Tomorrow's economic data release schedule is as follows:

At 7:30 AM ET, the Challenger Job-Cut Report will be published. This report's impact is categorized as low.

Subsequently, at 8:30 AM ET, the Personal Income and Outlays data will be released. This data holds high importance. The expected figures for this release are provided for various categories.

Simultaneously, the Jobless Claims report will also be published at 8:30 AM ET. This report, with high impact, will include figures for Initial Claims and a 4-Week Moving Average.

At 9:45 AM ET, the Chicago PMI will be released. This medium-impact index is anticipated to increase from the previous figure.

Moving to 10:30 AM ET, the EIA Natural Gas Report will be published, showing a medium-impact change on a week-over-week basis.

Finally, at 3:00 PM ET, the Farm Prices data will be released. This low-impact report will cover year-over-year and month-over-month changes.

• Equity Markets and Central-Bank Policy: The equities market is currently trading slightly above the flat line after a strong start to the week. The focus remains on employment and economic conditions, and the market's sensitivity to these factors indicates that upcoming central-bank policy decisions will be influenced by this data. Recent U.S. labor-market data resulted in a marked pullback in interest rates, suggesting that the Federal Reserve might experience relief on the inflation front. This implies that central-bank policy decisions, particularly related to interest rates and inflation, will be influenced by employment and economic performance.
• Labor Market Trends: The labor market's attention is primarily on U.S. employment data. The August ADP U.S. private-payrolls report, showing a gain of 177,000, indicates that the labor markets in both the U.S. and Canada are healthy but softening. While the figure remains above pre-pandemic trends, it represents a notable deceleration from July and the average for 2023. This trend of moderation in job gains is consistent with the release of job openings data, which reached its lowest point since March 2021. The labor market's ability to moderate job gains without significantly increasing the unemployment rate is crucial for maintaining economic resilience and avoiding a more substantial downturn.
• GDP and Economic Trends: The updated second-quarter U.S. GDP figures reveal a slightly slower expansion than initially estimated, with quarterly GDP rising at a 2.1% rate compared to the initial 2.4% estimate. This adjustment is largely attributed to lower gains in business and inventory investment. Consumer spending, however, remained strong during the first half of the year, supporting overall output. The data suggests that while the economy is holding up, there are indications of a potential moderation in economic growth in the coming quarters. This is in line with the broader assessment of economic trends, indicating a potential trajectory of moderation as the next few quarters unfold.