empty
08.09.2023 02:09 PM
US premarket for September 8: US stock market hovers near weekly lows

US stock index futures started Friday's trading in the red. The S&P 500 futures dropped by 0.2%, while the tech-heavy NASDAQ fell by 0.3%. The US dollar retreated from its six-month peak as dovish remarks from Federal Reserve officials sparked rumors that the regulator might maintain interest rates at their current levels in their September meeting. There is also speculation that they might avoid rate hikes in the ongoing monetary tightening cycle.

This image is no longer relevant

Yesterday, New York Federal Reserve Bank President John Williams stated in an interview that US monetary policy was rightly positioned and there was no need to expose the economy to further risks. He also highlighted that the current Fed policy maintained a balanced demand-supply equilibrium and reduces inflation. Williams mentioned that the Fed had significantly increased interest rates. However, he did not rule out the possibility of adjustments to ensure inflation remains close to the 2% target.

Meanwhile, Europe's Stoxx 600 index is experiencing its eighth consecutive day of decline, the longest streak since 2016.

This week, stock markets have been affected by data hinting at deepening economic downturns in Europe and China. Sentiments are particularly gloomy regarding European markets, which have witnessed 26 straight weeks of capital outflows. Nevertheless, the growing disparity in economic growth outlooks between the US and the rest of the world was under the spotlight. Given the solid performance of the US economy, as evidenced by recent labor market data and strong PMI indices, markets are turning to the US dollar.

BlackRock International noted that the recent US dollar growth momentum had exceeded all expectations. However, there are doubts if the dollar can maintain its stance, especially as the Fed might hint at a hawkish pause in their September meeting.

In China, the yuan is nearing an all-time low. However, Chinese officials do not take measures, likely because they may boost the country's exports.

This image is no longer relevant

As for the commodities market, gas prices surged by 11%, while Brent crude hovered around $90 a barrel. The spike in gas prices came amid issues at Chevron Corp's key facilities in Australia. Workers began a partial strike on Friday after talks failed to reach an agreement.

As for the S&P 500, the pressure on the index has returned, and its upside potential is capped. Bulls need to secure control at $4,469. Only from this level, they can push the price to $4,488. Bulls also should control $4,515 to reinforce the bullish trend. If the index declines due to decreased risk appetite, bulls will have to protect $4,447. A breach of this level may push the index back to $4,427, paving the way to $4,405.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Pavel Vlasov
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Stock market on July 18: SP500 and NASDAQ continue their rally

As of yesterday, US stock indices closed higher. The S&P 500 rose by 0.54%, while the Nasdaq 100 added 0.75%. The industrial Dow Jones strengthened by 0.52%. Today

Jakub Novak 12:02 2025-07-18 UTC+2

Update on US stock market on July 17: key stock indices consolidating below their highs

S&P500 Snapshot of major US stock indices on Wednesday Dow +0.5%, NASDAQ +0.3%, S&P 500 +0.3%, S&P 500 closed at 6263, trading in a range of 5,900 to 6400

Jozef Kovach 13:03 2025-07-17 UTC+2

Stock market on July 17: SP500 and NASDAQ lifted by Powell speculation

As of yesterday, US stock indices closed higher. The S&P 500 rose by 0.32%, while the Nasdaq 100 added 0.25%. The industrial Dow Jones strengthened by 0.53%. The dollar also

Jakub Novak 12:28 2025-07-17 UTC+2

Update on US stock market on July 16: decline following key reports

S&P500 Snapshot of US major stock indices on Tuesday Dow -1%, NASDAQ +0.2%, S&P 500 -0.4%, S&P 500 closed at 6,243, trading in a range of 5,900 to 6,400

Jozef Kovach 13:11 2025-07-16 UTC+2

Stock market on July 16: SP500 and NASDAQ fell sharply amid new Trump tariffs

As of yesterday, US stock indices closed mixed. The S&P 500 fell by 0.40%, while the Nasdaq 100 gained 0.19%. The industrial Dow Jones dropped sharply by 0.98%. During this

Jakub Novak 10:10 2025-07-16 UTC+2

Update on US stock market on July 15: stock indices got stuck below all-time highs

S&P500 Major stock indices standing tall near all-time highs Snapshot of the key US stock indices on Monday: Dow +0.2%, NASDAQ +0.3%, S&P 500 +0.1%, S&P 500 closed at 6,268

Jozef Kovach 10:38 2025-07-15 UTC+2

Stock market on July 15: SP500 and NASDAQ returned to growth thanks to NVIDIA

As of yesterday, US stock indices closed higher. The S&P 500 rose by 0.14%, while the Nasdaq 100 added 0.27%. The industrial Dow Jones strengthened by 0.20%. Today, futures

Jakub Novak 10:03 2025-07-15 UTC+2

Stock Market Buying and Selling – July 15, 2025

Buying shares of Gilead Sciences (#GILD) Gilead Sciences is an American pharmaceutical company. Yesterday, the company's stock price made a decisive reversal from the MACD line support on the daily

Laurie Bailey 05:12 2025-07-15 UTC+2

Trump's new tariffs, BTC rally, and major AI deals: signals traders cannot afford to ignore

Global markets are once again under pressure. President Donald Trump has announced 30% tariffs on imports from the EU and Mexico, triggering a sharp reversal in US stock index futures

Аlena Ivannitskaya 15:31 2025-07-14 UTC+2

Update on US stock market on July 14: Trump returns to tariff war

S&P500 Snapshot of US major stock indices on Friday Dow -0.6%, NASDAQ -0.2%, S&P 500 -0.3% (S&P 500 closed at 6,229, trading in a range of 5,900 to 6,400

Jozef Kovach 14:53 2025-07-14 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.