Daily global market review

Markets displayed notable strength today after a relatively quiet start to the week in terms of market-moving events. The major indices closed near their session highs, posting decent gains. The S&P 500, which closed above the 4,500 level, and the Nasdaq Composite both surpassed their 50-day moving averages.

The positive momentum was broadly spread across the market, with 28 out of 30 Dow components recording gains, and all 11 S&P 500 sectors ending the day in positive territory. The real estate sector stood out with the largest gain, rising 1.7%. Energy also performed well, advancing 1.3%, in tandem with rising oil prices, which reached $90.26 per barrel, up 1.9%. On the flip side, the health care sector gained 0.3%, while the information technology sector saw a more modest 0.7% increase.

Several factors contributed to today's positive market sentiment. There was heightened speculation surrounding the Arm Holdings (ARM) IPO, which opened for trading at $56.10, boosting excitement in the market. Additionally, central bank announcements and economic data aligned with a more optimistic economic outlook:

• The European Central Bank (ECB) raised its three key interest rates by 25 basis points, with indications that this might be the last rate hike, potentially signaling a "dovish hike."
• The People's Bank of China (PBOC) announced a 25 basis point cut in the required reserve ratio, effective September 15, for banks not currently maintaining a 5% reserve ratio.
• August retail sales exceeded expectations, posting a 0.6% increase.
• The August Producer Price Index (PPI) report showed an in-line core reading and year-over-year increases of 1.6% for total PPI and 2.2% for core PPI.
• Initial jobless claims for the week ending September 9 were at just 220,000, indicating a tight labor market supportive of sustained consumer spending.

Furthermore, the calm response from the Treasury market to the economic data provided additional support to stocks. The 2-year note yield rose by two basis points to 5.01%, while the 10-year note yield increased by four basis points to 4.29%.

On a separate note, Delta Air Lines (DAL) issued a Q3 warning, citing rising fuel costs as a contributing factor. Despite the majority of stocks trading higher, DAL faced notable headwinds, closing down 0.6%. Advancing stocks outnumbered decliners by a significant margin at both the NYSE and Nasdaq, indicating the overall strength in today's market performance.

To sum it up, stocks exhibited strength today following a somewhat subdued start to the week. Several factors, including the Arm Holdings IPO, central bank actions, and encouraging economic data, contributed to the positive sentiment. Nevertheless, potential regulatory concerns and economic challenges remain, highlighting the need for investors to remain cautious despite today's gains.

In today's trading session, the New York Stock Exchange (NYSE) saw 2,241 advancing stocks compared to 624 declining stocks, with a total trading volume of 918 million shares. Meanwhile, on the Nasdaq, there were 2,890 stocks advancing and 1,420 declining, with a substantial trading volume of 4.7 billion shares.

Several industries displayed noteworthy strength, including energy, real estate, utilities, materials, and industrials. Conversely, there were no notable weak sectors during the session.

The market dynamics were influenced by a mix of factors, including an economic relief trade driven by central bank announcements and economic data released earlier in the day. Additionally, there was a positive buzz surrounding the ARM IPO, contributing to the overall sentiment. Rising oil prices remained a focal point for investors. Notably, both the S&P 500 and Nasdaq moved beyond their respective 50-day moving averages, with the S&P 500 breaching the 4,481 level and the Nasdaq following suit by surpassing its 50-day moving average.

In the United States, the Dow closed at 34,907.11, marking a notable increase of 331.58 points, equivalent to a 0.96% rise. Similarly, the S&P 500 reached 4,505.10, reflecting a gain of 37.66 points or 0.84%. The NASDAQ also saw positive movement, closing at 13,926.05, with an increase of 112.47 points, or 0.81%. In contrast, the VIX, which measures market volatility, decreased by 0.66 points, representing a 4.90% drop. The Russell 2000, tracking smaller-cap stocks, rose by 25.79 points or 1.40%, reaching 1,866.63.

Across the border in Canada, the S&P/TSX Composite index closed at 20,567.84, marking a significant gain of 288.90 points, equivalent to a 1.42% increase. Similarly, the S&P/TSX 60 posted a rise of 17.76 points, reaching 1,235.01, a 1.46% increase. In Brazil, the BOVESPA index recorded a 1.03% increase, closing at 119,391.55, with a gain of 1,215.58 points. In Chile, the S&P IPSA index rose by 86.55 points, or 1.46%, closing at 6,002.07. In Mexico, the S&P/BMV IPC index increased by 233.50 points, reflecting a 0.45% rise, closing at 51,755.68.

In the European context, the STOXX Europe 50 index recorded a price of 4,012.01. Likewise, the STOXX Europe 600 index stood at 460.86. The FTSE 100 index in the United Kingdom had a price of 7,673.08. Similarly, the FTSE MIB index in Italy posted a value of 28,872.73. In France, the CAC 40 index stood at 7,308.67.

Shifting to Asian markets, the Nikkei 225 index in Japan recorded a value of 33,168.10. The Hang Seng index in Hong Kong stood at 18,047.92. In China, the Shanghai Composite index posted a value of 3,126.55. Across the ocean in Australia, the S&P/ASX 200 index was at 7,186.50. In South Korea, the KOSPI index recorded a value of 2,572.89. Finally, the Taiwan SE index in Taiwan displayed a value of 16,807.56.

Among Indian indices, the BSE SmallCap index was particularly noteworthy for its strong performance, marking the highest percentage gain of +1.15% on September 14th, resulting in a gain of +429.72 points. This result underscores the robust performance of small-cap stocks within the Indian market on that day.

Conversely, the India VIX index exhibited the lowest percentage gain, experiencing a decline of -4.31% on the same day, translating to a change of -0.5100 points. In addition to these indices, several others provide a broader view of the Indian stock market's performance. For instance, the BSE MidCap index posted a positive performance, recording a +1.02% gain with an increase of +327.55 points. Meanwhile, the NIFTY Smallcap 100 index demonstrated strength in the small-cap segment, achieving a +1.31% gain with a change of +165.30 points. The Nifty Midcap 150 index reflected favorable performance in mid-cap stocks, displaying a +0.93% gain and a change of +140.60 points. Additionally, the Nifty Smallcap 250 index showcased strength within the small-cap sector, posting a +1.22% gain and a change of +148.40 points. Other indices, including Nifty Midcap 50, Nifty Next 50, Nifty 500, S&P BSE ALLCAP, S&P BSE-100, S&P BSE-200, and S&P BSE-500, also provided insights into various segments of the Indian stock market, exhibiting diverse performances on September 14th. In summary, the Indian stock market demonstrated a range of performance trends across different indices, with small-cap and mid-cap indices generally performing well, the volatility index (India VIX) indicating reduced market volatility and enhanced investor confidence, and broader market indices revealing overall growth and stability.

Turning to the cryptocurrency market, the Nasdaq Crypto Index remained stable at 1,525.97, with no change in points or percentage. Bitcoin, the leading cryptocurrency, saw a 1.55% increase, with a price of 26,630.00. Ether followed suit, rising by 1.46% with a price of 1,631.10. Litecoin gained 1.82%, closing at 63.10, and XRP experienced a 1.68% increase, reaching 0.49.

In the realm of bonds and rates, the 3 Month Treasury yield stood at 5.313%, showing a slight decrease of 0.008%. The 2 Year Treasury yield also decreased by 0.008%, reaching 5.003%. On the other hand, the 5 Year Treasury yield increased by 0.025% to 4.419%. Similarly, the 10 Year Treasury yield rose by 0.007% to 4.294%, while the 30 Year Treasury yield increased by 0.041% to 4.385%.

Lastly, in the currency exchange market, the Euro to US Dollar rate remained relatively stable at 1.0644, with a minimal 0.01% change. The British Pound to US Dollar rate also saw a minor change of 0.03%, reaching 1.2411. The US Dollar to Canadian Dollar rate exhibited a 0.02% increase to 1.3512, while the US Dollar to Swiss Franc rate experienced a similar 0.02% increase, reaching 0.8958. Finally, the US Dollar to Japanese Yen rate showed a slight decrease of 0.02, resulting in a rate of 147.4535.

• ARM Holdings PLC ADR is trading at $63.59, with a significant increase of $12.59, representing a 24.69% rise. It had a trading volume of 129 million shares, and its 52-week price range was between $55.54 and $66.28.
• Tesla, Inc. (TSLA) is priced at $276.04, showing a gain of $4.74 or 1.75%. The stock had a trading volume of 107 million shares, with a 52-week range from $101.81 to $313.80.
• Amazon Inc. (AMZN) is trading at $144.72, with a minor decrease of $0.13 or 0.09%. It had a trading volume of 64 million shares, and its 52-week range extended from $81.43 to $145.86.
• Apple Inc. (AAPL) is priced at $175.74, reflecting a gain of $1.53 or 0.88%. The trading volume for AAPL was 61 million shares, and its 52-week price range was between $124.17 and $198.23.
• AT&T Inc. (T) is trading at $15.06, with a notable increase of $0.44 or 3.01%. It had a trading volume of 55 million shares, and its 52-week range extended from $13.43 to $21.53.
• AMC Entertainment Holdings, Inc. Class A (AMC) is priced at $8.14, showing a minor decrease of $0.10 or 1.21%. It had a trading volume of 47 million shares, and its 52-week range was between $7.05 and $91.68.
• Advanced Micro Devices, Inc. (AMD) is trading at $106.63, with a decrease of $1.08 or 1.00%. The trading volume for AMD was 46 million shares, and its 52-week price range extended from $54.57 to $132.83.
• Bank of America Corp (BAC) is priced at $29.20, reflecting a gain of $0.32 or 1.11%. It had a trading volume of 45 million shares, and its 52-week range was between $26.32 and $38.60.
• Ford Motor Company (F) is trading at $12.62, with a minor decrease of $0.02 or 0.16%. The trading volume for Ford was 43 million shares, and its 52-week range extended from $10.90 to $15.42.
• Palantir Technologies Inc. Class A (PLTR) is priced at $15.83, showing a gain of $0.23 or 1.47%. It had a trading volume of 38 million shares, and its 52-week range was between $5.92 and $20.24.
• TradeUP Acquisition Corp. (UPTD) is currently priced at $12.24, exhibiting a significant increase of $4.91, equivalent to a substantial 66.98% rise. The trading volume for UPTD stands at 10 million shares, with a 52-week price range spanning from $6.88 to $33.00.
• PFSweb, Inc. (PFSW) is trading at $7.41, marking a noteworthy gain of $2.40, or 47.90%. PFSW had a trading volume of 10 million shares, and its 52-week range extended from $3.80 to $11.45.
• ARM Holdings PLC ADR (ARM) is listed at $63.59, experiencing a substantial increase of $12.59, representing a 24.69% rise. The trading volume for ARM reached 129 million shares, and its 52-week price range was between $55.54 and $66.28.
• Redwire Corp (RDW) is currently priced at $4.12, with a gain of $0.72 or 21.18%. The trading volume for RDW was 1 million shares, and its 52-week range extended from $1.67 to $4.58.
• Wheels Up Experience Inc Class A (UP) is trading at $3.21, marking a notable gain of $0.55 or 20.68%. The trading volume for UP stood at 2 million shares, and its 52-week price range was between $0.98 and $18.40.
• Jin Medical International Ltd. (ZJYL) is priced at $13.25, with a significant increase of $2.03 or 18.09%. ZJYL had a trading volume of 386,000 shares, and its 52-week range extended from $4.84 to $20.80.
• Eloxx Pharmaceuticals, Inc. (ELOX) is trading at $5.43, showing a gain of $0.79 or 17.03%. The trading volume for ELOX was 114,000 shares, and its 52-week range extended from $1.70 to $16.80.
• ModivCare Inc. (MODV) is currently priced at $33.76, exhibiting a notable increase of $4.51 or 15.42%. The trading volume for MODV reached 660,000 shares, and its 52-week price range was between $26.20 and $113.53.
• Sinclair, Inc. Class A (SBGI) is trading at $13.62, with a gain of $1.70 or 14.26%. SBGI had a trading volume of 1 million shares, and its 52-week range extended from $9.81 to $22.83.
• AudioEye, Inc. (AEYE) is priced at $5.55, reflecting a gain of $0.69 or 14.20%. AEYE had a trading volume of 149,000 shares, and its 52-week range extended from $3.37 to $7.89.

In the financial markets, several key indices and commodities experienced various changes during the trading day. The Bloomberg Commodity Index, represented as BCOMTR:IND, closed at 243.38, marking a positive change of +1.75 points or a percentage increase of +0.72%. Its highest point for the day was 243.69, while the lowest was 241.78. The UBS Bloomberg CMCI (CMCITR:IND) displayed a value of 1,589.20, with a change of +11.72 points, representing a percentage increase of +0.74%. It reached its peak at 1,589.67 and bottomed out at 1,578.43. The Reuters/Jefferies CRB Index (CRYTR:IND) stood at 326.46, showcasing a positive change of +3.04 points or +0.94%. Its highest and lowest points during the day were 326.46 and 323.42, respectively. Meanwhile, the Rogers International Index (RICIGLTR:IND) showed a value of 3,947.87, marking a change of +33.97 points or a percentage increase of +0.87%. It reached a high of 3,953.12 and a low of 3,920.31. The S&P GSCI Index (SPGSCITR:IND) recorded a value of 3,801.67, with a change of +45.52 points, representing a percentage increase of +1.21%. Its peak for the day was 3,808.83, while the lowest point was 3,756.55.

In the energy sector, several commodities showed varying price movements. WTI Crude Oil (Nymex) under the symbol CL1:COM was priced at USD 90.61 per barrel, marking an increase of +0.45 points or +0.50%. This was for the October 2023 contract. Brent Crude (ICE) represented by CO1:COM was trading at USD 93.70 per barrel, with an increase of +1.82 points or +1.98% for the November 2023 contract. RBOB Gasoline (Nymex) indexed as XB1:COM had a value of USD 274.78 per gallon, reflecting a change of +0.51 points or +0.19% for the October 2023 contract. Natural Gas (Nymex) indexed as NG1:COM was valued at USD 2.70 per MMBtu, with no change (-0.18%) for the October 2023 contract. Heating Oil (Nymex) listed as HO1:COM was priced at USD 346.61 per gallon, showing a decrease of -1.54 points or -0.44% for the October 2023 contract.

Moving on to precious and industrial metals, Gold (Comex) represented as GC1:COM had a price of USD 1,932.00 per troy ounce, with a slight decrease of -0.80 points or -0.04% for the December 2023 contract. Gold Spot (XAUUSD:CUR) was valued at USD 1,910.41 per troy ounce, reflecting a decrease of -0.38 points or -0.02%. Silver (Comex) indexed as SI1:COM was priced at USD 22.93 per troy ounce, showing a decrease of -0.07 points or -0.30% for the December 2023 contract. Copper (Comex) listed as HG1:COM had a value of USD 381.85 per pound, indicating a decrease of -0.30 points or -0.08% for the December 2023 contract. Platinum Spot (XPTUSD:CUR) was valued at USD 910.37 per troy ounce, marking a decrease of -1.58 points or -0.17%.

Lastly, in the agriculture sector, various commodities displayed their respective price changes. Corn (CBOT) represented as C 1:COM was priced at USD 480.50 per bushel, with a decrease of -1.75 points or -0.36% for the December 2023 contract. Wheat (CBOT) indexed as W 1:COM was valued at USD 593.75 per bushel, reflecting a decrease of -3.50 points or -0.59% for the December 2023 contract. Cocoa (ICE) represented by CC1:COM had a price of USD 3,730.00 per metric ton, with an increase of +4.00 points or +0.11% for the December 2023 contract. Cotton #2 (ICE) listed as CT1:COM was priced at USD 87.80 per pound, showing an increase of +0.91 points or +1.05% for the December 2023 contract. Live Cattle (CME) indexed as LC1:COM had a value of USD 190.35 per pound, indicating an increase of +2.50 points or +1.33% for the December 2023 contract.

On Friday, September 15, 2023, several key economic indicators are set to be released, providing insights into various aspects of the economy. At 8:30 AM ET, the Import and Export Prices will be revealed, impacting medium-level market expectations. Year-on-year, Export Prices and Import Prices will be disclosed. On a month-to-month basis, Export Prices and Import Prices data will be released. The Empire State Manufacturing Index, an important gauge of regional economic activity, will also be disclosed at 8:30 AM ET.

Following this, at 9:15 AM ET, the Industrial Production data will be released, with a high level of market impact anticipated. Manufacturing Output and the Capacity Utilization Rate will be included in this release. Industrial Production month-to-month change will also be reported.

Consumer Sentiment data, including Year-ahead Inflation Expectations, will be unveiled at 10:00 AM ET, with a medium level of market influence.

Lastly, at 1:00 PM ET, the Baker Hughes Rig Count, covering various regions, will be reported with low market impact. The forthcoming data will provide valuable insights into these crucial economic indicators, influencing market sentiment and investment decisions.

• Stock Market Performance: The Canadian and U.S. stock markets closed higher, driven by positive factors such as better-than-expected U.S. retail sales data and a mixed U.S. producer price index (PPI) report. This suggests that investor sentiment was generally positive on this particular day.
• Sector Performance: Both cyclical and defensive sectors performed well in the stock market, indicating a broad-based rally. This suggests that investors were not favoring one particular sector but were rather optimistic about the overall market conditions.
• Global Markets: Asian markets also finished higher, possibly in anticipation of China's economic-activity report. European markets closed higher after the European Central Bank (ECB) raised policy rates by 25 basis points to 4%. The ECB's commentary about current interest rates being in restrictive territory may signal a potential pause in future rate hikes. This could have influenced European market sentiment.
• Oil Prices: Oil prices continued to rise and were around $90 per barrel. This increase in oil prices might have various implications for energy-related sectors and could impact inflationary pressures.
• Yields: U.S. and Canadian government yields increased on this day. Rising yields can influence borrowing costs and have implications for the broader financial markets.
• Producer Price Index (PPI): The U.S. PPI for final demand exceeded expectations by rising 0.7% in August, driven primarily by higher energy costs. The year-over-year PPI increase was also above market expectations. However, the core PPI, which excludes food and energy, rose by 0.2%, in line with expectations. This data is unlikely to pressure the Federal Reserve into an immediate rate hike, but it supports the Fed's data-dependent approach, leaving room for future rate hikes if necessary.
• Retail Sales: U.S. retail sales for August surpassed consensus estimates, rising by 0.6%. Much of this increase was attributed to sales at gasoline stations, which saw a substantial rise. However, when excluding auto fuel, retail sales grew more modestly. The report also mentions signs of a loosening labor market, which could potentially impact consumer activity in the coming months. This suggests a need for continued monitoring of economic conditions.