Daily global market review

The three major indices closed with modest gains, although they retreated from their earlier highs during the trading session. The S&P 500 and Nasdaq initially approached their respective 50-day moving averages, which have been areas of congestion over the past four weeks. Apple played a significant role in influencing overall index performance today. While Apple had seen an increase of up to 1.5% when the market reached its session highs, the stock ultimately closed with only modest gains compared to the previous day. Notably, Apple had experienced a 6.0% decline over the week due to reports suggesting that Chinese officials were restricted from using Apple devices.

Other mega-cap stocks showed relatively stronger performance, offering some support to the broader market. The Vanguard Mega Cap Growth ETF (MGK) saw a 0.3% increase, while the Invesco S&P 500 Equal Weight ETF (RSP) rose by 0.1%.

Among the 11 S&P 500 sectors, eight closed in positive territory, with the energy sector leading the gains with a 1.0% increase, in line with rising oil prices at $87.47 per barrel, up by 0.6%. Conversely, the real estate sector saw the most significant decline, falling by 0.6%.

Throughout the week, rising interest rates had placed pressure on the stock market. Therefore, the day's relatively subdued market action was a welcome development for investors. The 10-year Treasury note yield, which had reached 4.22% earlier in the day, ultimately settled unchanged from the previous day at 4.26%. Meanwhile, the 2-year note yield, which had reached 4.92% earlier, increased by one basis point to 4.97%.

In terms of economic data, the morning's calendar was limited to July's wholesale inventories, which decreased by 0.2%, slightly below the consensus expectation of -0.1%. This followed a revised 0.7% decline in June, which was initially reported as -0.5%.

In the bond market, the 10-year Treasury note experienced a decline of 23/32, with the yield settling at 4.26%. Looking at the stock market, the New York Stock Exchange (NYSE) witnessed 1,499 advancing stocks and 1,360 declining stocks, with a total trading volume of 740 million shares. On the Nasdaq, there were 1,919 advancing stocks and 2,332 declining stocks, with a substantial trading volume of 4.2 billion shares.

Analyzing industry performance, several sectors exhibited strength, including Energy, Utilities, Communication Services, Financials, and Information Technology. Conversely, weakness was observed in the Real Estate, Industrials, and Health Care sectors.

Key factors influencing the market included Apple (AAPL), which managed to close with modest gains despite significant earlier losses. Support from other prominent mega-cap stocks also contributed to lifting overall index performance. Although Treasury yields had initially dipped, they ultimately showed little change compared to yesterday's settlement levels. Lingering concerns about gas and oil prices continued to influence market dynamics, while trading volume remained light on the NYSE.

In the United States, the Dow is currently at 34,576.59, with a positive change of 75.86 points, representing a 0.22% increase. The S&P 500 stands at 4,457.49, showing a change of 6.35 points, or a 0.14% rise. Likewise, the NASDAQ is at 13,761.53, with a gain of 12.69 points, equivalent to a 0.09% increase. Meanwhile, the VIX, representing market volatility, is at 13.84, reflecting a decrease of 0.56 points, or a 3.89% drop. The Russell 2000 is at 1,851.54, indicating a decrease of 4.21 points or 0.23%. In Canada, the S&P/TSX Composite is at 20,074.65, showing a decrease of 57.43 points, or 0.29%. The S&P/TSX 60 stands at 1,203.06, with a decrease of 3.49 points or 0.29%. In Brazil, the BOVESPA index is at 115,313.40, reflecting a decrease of 671.94 points, or 0.58%. In Chile, the S&P IPSA is at 5,868.85, showing a decrease of 16.67 points or 0.28%. In Mexico, the S&P/BMV IPC stands at 52,505.11, with an increase of 22.14 points or 0.04%.

In Europe, the STOXX Europe 50 is currently at 3,959.24, with an increase of 11.12 points, equivalent to a 0.28% rise. The STOXX Europe 600 stands at 454.66, showing a change of 0.99 points, or a 0.22% increase. In the United Kingdom, the FTSE 100 is at 7,478.19, reflecting an increase of 36.47 points, or 0.49%. In Italy, the FTSE MIB is at 28,233.20, with an increase of 77.62 points, or 0.28%. In France, the CAC 40 stands at 7,240.77, showing an increase of 44.67 points or 0.62%.

In Asia, the Nikkei 225 in Japan is currently at 32,606.84, with a decrease of 384.24 points or 1.16%. The Hang Seng in Hong Kong is at 18,202.07, showing a decrease of 247.91 points or 1.34%. In China, the Shanghai Composite stands at 3,116.72, reflecting a decrease of 5.63 points or 0.18%. In Australia, the S&P/ASX 200 is at 7,156.70, with a decrease of 14.30 points or 0.20%. In South Korea, the KOSPI is at 2,547.68, showing a decrease of 0.58 points or 0.02%. In Taiwan, the Taiwan SE stands at 16,576.02, reflecting a decrease of 43.12 points or 0.26%.

In the Indian stock market, notable changes have been observed across various indices. The BSE MidCap index is currently at 32,672.00, having reached a high of 32,692.74 and a low of 32,444.12. It has experienced a notable gain of +0.92% or +297.07 points as of 08/09. Meanwhile, the BSE Sensex stands at 66,598.91, with its high and low at 66,766.92 and 66,299.30, respectively, resulting in a gain of +0.50% or +333.35 points on the same date. On the other hand, the India VIX index has seen a decrease of -0.85% or -0.0925 points, with current values at 10.7800 (high: 10.9700, low: 10.0775) on 08/09. The highest gainers among the indices include Nifty Midcap 50 (+1.10%), NIFTY Midcap 100 (+0.95%), and BSE MidCap (+0.92%). In contrast, the lowest gainers are Nifty 50 Value 20 (+0.21%), and Nifty 50 (+0.47%).

In the world of cryptocurrencies, the Nasdaq Crypto Index is at 1,499.69, showing a decrease of 17.46 points or 1.15%. Bitcoin is priced at 25,894.00, with a decrease of 289.00 points or 1.10%. Ether stands at 1,634.80, reflecting a decrease of 10.20 points or 0.62%. Litecoin is at 62.45, with a decrease of 1.12 points or 1.76%. XRP is at 0.50, showing a minimal change of 0.00 points or 0.28%.

In the bonds and rates category, the yield on the 3 Month Treasury is 5.305%, with a minor change. The 2 Year Treasury yield is 4.970%, reflecting a change of 0.016%. The 5 Year Treasury yield stands at 4.407%, with a change of 0.033%. The 10 Year Treasury yield is 4.269%, with a change of 0.009%. The 30 Year Treasury yield is 4.338%, showing a decrease of 0.015%.

In currencies, the Euro/US Dollar exchange rate is 1.0701, with a minimal change of 0.03%. The British Pound/US Dollar exchange rate is 1.2465, reflecting a minimal decrease of 0.06%. The US Dollar/Canadian Dollar exchange rate stands at 1.3660, showing a minimal decrease of 0.17%. The US Dollar/Swiss Franc exchange rate is 0.8928. The US Dollar/Japanese Yen exchange rate is 147.7950, showing an increase of 0.49 points or 0.34%.

• Tesla, Inc. (TSLA) is currently priced at 248.50, experiencing a decrease of 2.99, which represents a 1.19% decline. The trading volume is 118 million shares, and its 52-week range is between 101.81 and 313.80.
• Apple Inc. (AAPL) is trading at 178.18, showing an increase of 0.62 or 0.35%. The trading volume is 66 million shares, and its 52-week range is between 124.17 and 198.23.
• Kenvue, Inc. (KVUE) is currently priced at 21.30, with a gain of 0.31, equivalent to a 1.48% rise. The trading volume is 60 million shares, and its 52-week range is between 20.38 and 27.80.
• Ford Motor Company (F) is priced at 12.30, showing an increase of 0.34 or 2.84%. The trading volume is 49 million shares, and its 52-week range is between 10.90 and 15.74.
• NVIDIA Corporation (NVDA) is currently at 455.72, with a decrease of 6.69, representing a 1.45% decline. The trading volume is 47 million shares, and its 52-week range is between 108.13 and 502.66.
• Advanced Micro Devices, Inc. (AMD) is trading at 106.09, with a decrease of 0.50 or 0.47%. The trading volume is 46 million shares, and its 52-week range is between 54.57 and 132.83.
• Intel Corporation (INTC) is priced at 38.01, showing a decrease of 0.17 or 0.45%. The trading volume is 44 million shares, and its 52-week range is between 24.59 and 38.83.
• Marathon Digital Holdings Inc (MARA) is currently at 10.91, with a decrease of 1.45, which represents a significant 11.73% decline. The trading volume is 44 million shares, and its 52-week range is between 3.11 and 19.88.
• Tilray Brands, Inc. (TLRY) is trading at 3.02, showing an increase of 0.06 or 2.03%. The trading volume is 40 million shares, and its 52-week range is between 1.50 and 5.12.
• Amazon Inc. (AMZN) is currently at 138.23, with an increase of 0.38 or 0.28%. The trading volume is 38 million shares, and its 52-week range is between 81.43 and 143.63.
• Lantronix, Inc. (LTRX) is currently priced at 5.13, showing an increase of 1.13, which represents a substantial 28.25% rise. The trading volume is 1 million shares, and its 52-week range is between 3.52 and 6.05.
• Golden Heaven Group Holdings Ltd. Class A (GDHG) is trading at 3.98, with a gain of 0.78 or 24.37%. The trading volume is 1 million shares, and its 52-week range is between 2.94 and 5.23.
• Modiv Industrial Inc. Class C (MDV) is priced at 14.89, showing an increase of 2.27 or 17.99%. The trading volume is 184,000 shares, and its 52-week range is between 9.61 and 18.00.
• Helius Medical Technologies Inc. Class A (HSDT) is currently at 9.40, with an increase of 1.36, representing a 16.92% rise. The trading volume is 2 million shares, and its 52-week range is between 5.69 and 29.50.
• InnovAge Holding Corp. (INNV) is trading at 6.43, showing an increase of 0.86 or 15.44%. The trading volume is 77,000 shares, and its 52-week range is between 3.49 and 8.15.
• Shengfeng Development Limited Class A (SFWL) is priced at 8.73, with a gain of 1.13 or 14.87%. The trading volume is 202,000 shares, and its 52-week range is between 2.94 and 12.45.
• Burford Capital Limited (BUR) is currently at 15.91, with an increase of 2.04 or 14.71%. The trading volume is 8 million shares, and its 52-week range is between 6.09 and 17.70.
• Ashford Hospitality Trust, Inc. (AHT) is trading at 3.06, showing an increase of 0.38 or 14.18%. The trading volume is 668,000 shares, and its 52-week range is between 2.58 and 10.48.
• Journey Medical Corp. (DERM) is priced at 2.95, with a gain of 0.35 or 13.46%. The trading volume is 182,000 shares, and its 52-week range is between 1.02 and 3.69.
• Sunlands Technology Group Sponsored ADR Class A (STG) is currently at 7.61, with an increase of 0.90 or 13.41%. The trading volume is 30,000 shares, and its 52-week range is between 2.97 and 15.40.
• Plus Therapeutics, Inc. (PSTV) is currently priced at 1.38, reflecting a decrease of 1.59 or 53.54%. The trading volume stands at 6 million shares, and its 52-week range spans from 1.24 to 12.00.
• Grom Social Enterprises, Inc. (GROM) is trading at 2.28, showing a decrease of 1.77 or 43.70%. The trading volume is 4 million shares, and its 52-week range is between 1.95 and 275.94.
• Petros Pharmaceuticals Inc. (PTPI) is priced at 1.77, with a decrease of 0.67 or 27.31%. The trading volume is 90,000 shares, and its 52-week range is between 0.92 and 9.54.
• Digital Media Solutions, Inc. Class A (DMS) is currently at 3.62, with a decrease of 1.33 or 26.87%. The trading volume is 169,000 shares, and its 52-week range spans from 3.14 to 35.70.
• Wheeler Real Estate Investment Trust, Inc. (WHLR) is priced at 4.76, showing a decrease of 1.63 or 25.51%. The trading volume is 457,000 shares, and its 52-week range is between 3.51 and 20.69.
• Hitek Global, Inc. (HKIT) is trading at 3.18, reflecting a decrease of 1.06 or 25.00%. The trading volume is 3 million shares, and its 52-week range is between 3.01 and 39.80.
• Karat Packaging, Inc. (KRT) is currently at 20.38, with a decrease of 4.87 or 19.29%. The trading volume is 610,000 shares, and its 52-week range spans from 12.50 to 26.69.
• Solowin Holdings (SWIN) is priced at 4.91, showing a decrease of 1.17 or 19.24%. The trading volume is 4 million shares, and its 52-week range is between 4.10 and 12.74.
• Ryvyl Inc. (RVYL) is currently at 4.22, with a decrease of 0.99 or 19.00%. The trading volume is 146,000 shares, and its 52-week range spans from 2.70 to 17.50.
• IHS Holding Ltd. (IHS) is trading at 5.95, reflecting a decrease of 1.36 or 18.60%. The trading volume is 1 million shares, and its 52-week range is between 4.91 and 10.13.

In the commodities market, the Bloomberg Commodity Index (BCOMTR) currently stands at 239.49, showing a slight increase of 0.20 points, equivalent to a 0.08% rise. Its daily range saw it reach a high of 240.40 and a low of 238.81. The UBS Bloomberg CMCI (CMCITR) is at 1,560.98, indicating a minimal increase of 0.17 points, or 0.01%. It fluctuated between 1,565.42 and 1,559.37. The Reuters/Jefferies CRB Index (CRYTR) shows a value of 319.64, reflecting a notable increase of 0.84 points, equivalent to a 0.26% rise. The recorded high and low values for the day are 319.64 and 318.80. Meanwhile, the Rogers International Commodity Index (RICIGLTR) is at 3,873.40, with a positive change of 7.40 points or 0.19%. Its daily range saw it reach a high of 3,884.90 and a low of 3,857.58. The S&P GSCI (SPGSCITR) stands at 3,680.36, indicating a decrease of 6.91 points or 0.19%. It ranged from 3,698.57 to 3,668.68 on September 7, 2023.

Moving on to the energy sector, the WTI Crude Oil (CL1:COM) is priced at 87.51 USD per barrel, experiencing an increase of 0.64 USD or 0.74%. The contract for October 2023 was last updated. Brent Crude (CO1:COM) is currently priced at 90.44 USD per barrel, with a gain of 0.52 USD or 0.58%. It corresponds to the November 2023 contract. RBOB Gasoline (XB1:COM) stands at 265.37 USD per gallon, showing a notable increase of 3.07 USD or 1.17%. It is linked to the October 2023 contract. Natural Gas (NG1:COM) is valued at 2.61 USD per MMBtu, with a slight gain of 0.03 USD or 1.01%. Its associated contract is for October 2023. Heating Oil (HO1:COM) is priced at 329.91 USD per gallon, reflecting a significant increase of 8.68 USD or 2.70%. Its contract corresponds to October 2023.

In the precious and industrial metals category, Gold (GC1:COM) is currently valued at 1,942.70 USD per troy ounce, showing a slight increase of 0.20 USD or 0.01%. This corresponds to the December 2023 contract. Gold Spot (XAUUSD:CUR) stands at 1,919.08 USD per troy ounce, experiencing a decrease of 0.60 USD or 0.03%. There is no associated contract. Silver (SI1:COM) is priced at 23.17 USD per troy ounce, reflecting a decrease of 0.07 USD or 0.28%. It corresponds to the December 2023 contract. Copper (HG1:COM) is valued at 371.65 USD per pound, with a decrease of 4.55 USD or 1.21%. Its contract corresponds to December 2023. Platinum Spot (XPTUSD:CUR) stands at 896.60 USD per troy ounce, showing a decrease of 12.62 USD or 1.39%. There is no associated contract.

Lastly, in the agriculture sector, Corn (C 1:COM) is priced at 483.75 USD per bushel, reflecting a decrease of 2.50 USD or 0.51%. The associated contract corresponds to December 2023. Wheat (W 1:COM) stands at 595.75 USD per bushel, experiencing a decrease of 4.00 USD or 0.67%. It is linked to the December 2023 contract. Cocoa (CC1:COM) is valued at 3,654.00 USD per metric ton, showing an increase of 42.00 USD or 1.16%. The associated contract corresponds to December 2023. Cotton #2 (CT1:COM) is priced at 85.91 USD per pound, reflecting an increase of 0.53 USD or 0.62%. The contract corresponds to December 2023. Live Cattle (LC1:COM) is valued at 183.23 USD per pound, showing a decrease of 0.42 USD or 0.23%. The associated contract corresponds to October 2023.

• Market Volatility: The recent geopolitical tensions related to China's ban on iPhone use for government employees have weighed on technology shares, resulting in a downturn in both the TSX and S&P 500. These tensions may continue to create uncertainty in the markets, potentially leading to further volatility in the near term.
• Interest Rates: U.S. Treasury yields have been relatively stable but saw a slight increase during the week, partly in response to a stronger-than-expected ISM services reading and lower-than-expected jobless claims. This suggests that the market is still sensitive to economic data, and any positive economic indicators may support the idea of higher interest rates from the Federal Reserve (Fed).
• Inflation Expectations: The upcoming U.S. Consumer Price Index (CPI) report will be closely watched as it could provide insights into the future path of monetary policy by the Fed. Expectations are for headline inflation to rise, potentially reaching 3.6% year-over-year, while core inflation is expected to ease slightly to 4.3%. These figures will play a crucial role in shaping market expectations regarding interest rate decisions by the Fed.
• Fed and BoC Policy: Both the Federal Reserve and the Bank of Canada (BoC) are closely monitoring inflation trends. While the Fed is expected to hold interest rates steady at the upcoming meeting, there is room for further rate hikes if inflation remains high. The BoC, on the other hand, recently left its policy rate unchanged at 5% but is data-dependent and may consider further rate hikes if specific areas, such as food, shelter, and services, show continued inflationary pressures.
• Canadian Economic Growth: The surprise increase in employment by 40,000 in August, along with the unchanged unemployment rate at 5.5%, is seen as a positive development for Canadian economic growth. This data, coupled with the BoC's decision to leave rates unchanged, suggests that the Canadian economy is showing resilience, potentially supporting further growth after a previous decline in GDP.
• Monetary Policy Outlook: While market expectations vary, there is a general sentiment that central banks, including the Fed and BoC, may be approaching the end of their interest rate hike cycles. The easing of shelter pricing may contribute to lower core inflation and influence future rate decisions.