← Go back Sep 09, 2023
After a risk-off Tuesday, futures traded mixed with all major indexes finishing the day lower. Tech stocks, particularly Oracle, were under pressure following lower than expected revenues and disappointing guidance due to slowed cloud sales growth. Apple, another notable tech player, released the new iPhone 15 and several other new products. The August consumer price index print exceeded expectations, leading to speculation about the ‘s potential actions. Although many predict that rates will hold steady next week and the rate hikes will conclude in November, the situation could change. Treasury yields closed mixed ahead of the inflation data, with predictions of significant volatility throughout the week. The 10-year note closed at 4.28%, while the two-year paper closed at 5.02%, indicating a possible recession next year. Brent and West Texas Intermediate crude saw a rise, reaching highs not seen since the previous November. Factors such as production cuts, large inventory draws during a typically slow period for energy use, and supply disruptions in Syria were cited as reasons for the increase. Natural gas also had a significant day, closing up over 5% at $2.75. finished the day lower due to a robust dollar and technical selling ahead of the inflation data. Bitcoin saw a jump, closing up 3.75% at $26,094.10, following a massive sell-off on Monday that drove the price down 3.5%. In the financial sector, several stocks received upgrades and downgrades. Among them, BRP Inc. was upgraded to Buy from Neutral by Citigroup. CareTrust REIT Inc. was upgraded to Outperform from Sector Perform by RBC Capital Markets. Cintas Corp. received an upgrade to Buy from Neutral by BofA Securities. However, Enphase Energy Inc. was downgraded to Hold from Buy by Truist Financial.
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