The US markets closed higher on Monday, September 9th, with investors snapping up bargains following the previous week’s sell-off. This rebound was driven by a renewed sense of optimism, fueled by an overreaction to weak economic data and anticipation of crucial economic indicators. Investors eagerly awaited key inflation reports and the Federal Reserve’s impending decision on interest rates, both of which have the potential to significantly impact the market’s trajectory.
In the economic data released, U.S. wholesale inventories climbed 0.2% month-over-month in July, reaching $903.5 billion, slightly below the initial estimate of a 0.3% increase. This follows a revised flat reading for the previous month. All eleven sectors within the S&P 500 ended the day in positive territory, with consumer discretionary leading the gains, followed closely by industrials and information technology. The Dow Jones Industrial Average rose by 1.20%, closing at 40,829.59. The S&P 500 ended the day higher by 1.16% at 5,471.05, while the Nasdaq Composite rose 1.16%, finishing the session at 16,884.60.
Moving to Asia, Japan’s Nikkei 225 closed higher by 0.06% at 36,182.50, driven by gains in the Transport, Retail, and Services sectors. Australia’s S&P/ASX 200 gained 0.30%, ending the session at 8,011.90, led by gains in the Energy, Telecoms Services, and Financials sectors. India’s Nifty 50 was up 0.46% at 25,050.45, and the Nifty 500 was higher by 0.64% at 23,652.20. China’s Shanghai Composite was up 0.28%, ending the session at 2,744.19, and the Shenzhen CSI rose 0.09%, closing at 3,195.76. Hong Kong’s Hang Seng ended the session higher by 0.22% at 17,234.09.
Looking towards Europe, the European STOXX 50 index gained 0.16% at 05:30 AM ET. Germany’s DAX rose 0.04%, France’s CAC was up 0.43%, while the U.K.’s FTSE 100 index traded lower by 0.44%.
In commodities, Crude Oil WTI was trading lower by 1.21% at $67.89/bbl, and Brent was down 1.11% at $71.05/bbl. Natural Gas fell 0.51% to $2.159. Gold was trading higher by 0.03% at $2,533.50, Silver gained 0.29% to $28.735, and Copper fell 0.54% to $4.1225.
US Futures at 05:30 AM ET saw a dip, with Dow futures down 0.13%, S&P 500 futures falling 0.13%, and Nasdaq 100 Futures declining 0.33%. In the Forex market, the U.S. dollar index rose 0.04% to 101.59, the USD/JPY rose 0.04% to 143.22, and the USD/AUD fell 0.15% to 1.4991.
