Dollar Index Moves Closer To Recent Highs
September 7, 2023
Linea Mercati Interview 9/8/23
September 8, 2023By Joy Wiltermuth Follow and William Watts
U.S. stocks were mostly lower Thursday, with the Nasdaq Composite leading the way down as investors continued to fret over expectations the Federal Reserve will be forced to keep interest rates elevated for some time to wring out inflation.
What’s happening
- The Dow Jones Industrial Average DJIA was up 57 points, or 0.2%, at 34,504.
- The S&P 500 SPX fell 12 points, or 0.3%, to 4,452.
- The Nasdaq Composite COMP dropped 122 points, or 0.9%, to 13,749.
The Nasdaq was on track to extend its losing streak to four days, while the S&P 500 was headed for a third straight loss.
What’s driving markets
The post-Labor Day period isn’t getting off to a great start for equities.
“September is always a tough month for stocks. But the fear factor of perhaps the Fed not being finished with its hiking campaign, I think, is causing this indigestion,” said Peter Cardillo, chief market economist at Spartan Capital, in a phone call.
Stocks and the U.S. economy have remained fairly resilient this year as the Federal Reserve ratcheted up its policy rate to a 22-year high. But the resilience of markets is being tested this September with a deluge of fresh corporate borrowing, rising oil prices and lingering concerns about the staying power of inflation.
