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Market Update 09/18/23

Hashim Effendi

Markets remained mixed between Sept. 12 and Sept. 19 as investors attempted to digest a slew of economic data.

They declined Tuesday due to lackluster performance from major technology stocks. The Dow Jones Industrial Average lost 0.1%, the S&P 500 lost 0.6% and the technology-heavy Nasdaq lost 1.0%.

Shares of Oracle Corp. fell 13.5% on Tuesday after reporting unconvincing first-quarter earnings late on Monday.

Oil prices rose to a 10-month high after OPEC+ cut approximately 1.3 million barrels per day until the end of 2023.

The Technology Select Sector declined 1.8% while the Energy Selector Sector added 2.4%.

The Chicago Board Options Exchange Volatility Index is used as a gauge to survey general investor sentiment regarding the state of equity markets. The CBOE Volatility Index rose 3.1% to $14.23.

The three indexes closed mixed on Wednesday following the release of August inflation numbers. The Dow lost 0.2%, the S&P 500 increased 0.1% and the Nasdaq increased 0.3%.

The Bureau of Labor Statistics reported that the Consumer Price Index rose 0.6% month over month in August. CPI rose 3.7% year over year compared to the previous reading from 12 months prior. Core CPI, which excludes volatile food and energy products, increased 0.3% in August.

The Utilities Select Sector, the Consumer Discretionary Select Sector and the Communications Services Select Sector added 1.2%, 0.8% and 0.3%, respectively.

Markets closed in the green on Thursday due to the release of reassuring economic data. The Dow increased 1.0%, the S&P 500 increased 0.8% and the Nasdaq increased 0.8%.

The Department of Labor announced that jobless claims rose 3,000 to 220,000 for the week ended Sept. 9.

Additionally, the Department of Labor reported that the Producer Price Index or PPI added 0.7% in August. This is the largest increase in final demand prices since June 2022.

The Real Estate Selector Sector, the Utilities Select Sector and the Materials Select Sector rose 1.8%, 1.5% and 1.4%, respectively.

The CBOE Volatility Index fell 4.9% to a value of $12.82.

On Friday, markets lost as investors remained wary of a rise in inflation ahead of the upcoming Federal Open Market Committee meeting. The Dow decreased 0.8%, the S&P 500 decreased 1.2% and the Nasdaq decreased 1.6%.

The Technology Select Sector and the Consumer Discretionary Select Sector lost 1.9% and 1.7%, respectively.

The CBOE Volatility Index rose 7.6% to $13.79.

Markets slightly gained on Monday ahead of the long-awaited FOMC meeting later this week. The Dow added 6.06 points, the S&P 500 added 3.21 points and the Nasdaq added 1.90 points.

As of writing, investors remain vigilant of the Fed’s upcoming decision on Sept. 20 regarding the potential continuation of interest rate hikes.

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