On Friday, September 13th, U.S. markets closed higher as rising bets on a potential 50-basis point interest rate cut by the Federal Reserve boosted optimism. Small-cap stocks, particularly sensitive to rate changes, outperformed as hopes for a larger cut increased.
Economic data released indicated that consumer prices grew by 2.5% year over year, while wholesale prices rose 0.2% month over month in August.
All S&P 500 sectors closed higher, led by communication services, utilities, and industrial stocks.
The Dow Jones Industrial Average was up 0.72% and closed at 41,393.78. The S&P 500 ended the day higher by 0.54% at 5,626.00, and the Nasdaq Composite rose 0.65%, finishing the session at 17,683.98.
Asian Markets Today
- Japan markets closed for Respect for the Aged Day holiday.
- On Monday, Australia's S&P/ASX 200 gained 0.27%, ending the session at 8,121.60, led by gains in the Telecoms Services, Financials, and Consumer Discretionary sectors.
- India's Nifty 50 was down 0.11%, closing at 25,383.75, while the Nifty 500 closed higher by 0.17%, at 23,968.20.
- China markets closed for the Mid-Autumn Festival holiday.
- Hong Kong's Hang Seng ended the session higher by 0.31% at 17,422.12.
Eurozone at 06:00 AM ET
- The European STOXX 50 index gained 0.02%.
- Germany's DAX declined 0.19%.
- France's CAC was up 0.06%.
- U.K.'s FTSE 100 index traded lower by 0.11%.
Commodities at 06:00 AM ET
- Crude Oil WTI was trading higher by 0.40% at $68.02/bbl, and Brent was up 0.28% at $71.81/bbl.
- Oil prices rose amid expectations of a U.S. interest rate cut. Gains were capped by concerns over weak Chinese economic data and lingering demand worries despite supply disruptions from Hurricane Francine.
- Natural Gas declined 0.48% to $2.294.
- Gold was trading higher by 0.04% at $2,612.00, Silver gained 0.70% to $31.297, and Copper slid 0.11% to $4.2310.
US Futures at 06:00 AM ET
Dow futures were up 0.16%, S&P 500 futures rose 0.03%, and Nasdaq 100 Futures fell 0.13%.
Forex at 06:00 AM ET
- The U.S. dollar index fell 0.41% to 100.70, the USD/JPY was down 0.42% to 140.22, and the USD/AUD declined 0.49% to 1.4840.
- The dollar weakened as expectations grew for an oversized rate cut by the Federal Reserve. The yen surged to its highest level in over a year, while Treasury yields fell in anticipation of a potential 50-basis-point cut. The Bank of England and the Bank of Canada are also in focus.
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