← Go back Sep 09, 2023
The futures were trading higher at the start of the trading week after a lukewarm rally that saw all major indexes finish higher for the day, but close the week on a low for the first time in three weeks. The Consumer Price Index data for August, due out Wednesday, will be closely watched. The House of Representatives returning from summer break without a spending bill and threats of government shutdown due to spiraling spending and unsecured border are also significant. Treasury yields were flat across the curve on Friday following significant buying earlier in the week. Inflation data is under the watchful eye of bond traders, as a higher than expected print could prompt the to raise rates again during its meeting next week. Brent and West Texas Intermediate crude rebounded on Friday, closing the day higher. The recent inventory draws and significant production cuts are supporting the upward move. Brent closed at $90.65, while WTI ended the day at $87.51. Natural gas also closed higher at $2.61. Gold remained unchanged on Friday after reports of ongoing significant purchases by central banks, which totaled 55 net tons in July. A Central Gold Reserve survey indicates that 24% of central banks aim to increase their bullion holdings. Bitcoin, however, fell by 1.4%, closing at $25,911.20. Monday, September 11, 2023, saw top analyst upgrades for Adobe Inc., with Mizuho’s upgrade to Buy from Neutral resulting in a target price increase to $630 from $520. Apple Inc. also retained its Outperform rating with a $220 target price. initiated coverage on Arch Capital Group Ltd. with a Neutral rating and an $80 target price. Several other companies, such as Asure Software Inc., Braze Inc., CBOE Global Markets Inc., and ChargePoint Holdings Inc., also received coverage from various analysts, highlighting the dynamic and ever-changing nature of the stock market. The week ahead promises to be one of close scrutiny of economic indicators and market movements.
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