![]() It wasn’t entirely a risk-off day but the so-called Magnificent Seven did lead their respective sectors to gains as Technology (0.25%), Communication Services (0.33%), and Consumer Discretionary (0.79%) were all higher as the Seven contributed to over 100% of their respective sector results. Yesterday’s August CPI results were enough to put to rest any thoughts of a September rate hike from the Fed but kept alive the possibility of the Fed taking action in November. Today also brings the next update for the Atlanta Fed’s GDPNow Model, which last stood at 5.6% as of September 8. In terms of GDP, the survey found CEOs project 2.1% growth for the year. ![]() The survey also found expectations for sales and capital spending unchanged, suggesting business conditions remain stable. By contrast, 32% foresee a lower head count at their companies. The 3Q 2023 CEO Economic Outlook Survey conducted by the Business Roundtable found that 27% of corporate leaders intend to add workers over the next six months, down from 33% in June and 47% from the same time last year. In addition to the August reports for the Producer Price Index and Retail Sales out later this morning we also have the usual Thursday fare which are the weekly and continuing jobless claims data and natural gas inventories courtesy of the Energy Information Administration. The market consensus sees the central bank leaving interest rates unchanged at 4.25%. We have no market-moving economic data points for the global stage today, we do have the latest interest rate decision at the European Central Bank at 8:15 AM ET. retailers rose 0.6%, largely driven by higher gasoline prices sales had been forecast to rise just 0.1% last month after a much larger gain in July, when Amazon held its 2023 Prime Day. Renewed concerns over the consumer fueled by rising credit card debt and the pending return of student debt payments will have investors poking around today’s August Retail Sales report to see if consumers continued to open their wallets, and if so where. The report showed that August wholesale inflation rose 0.7%, much higher than the 0.4% forecast however, excluding food and energy, core PPI increased 0.2%, in line with expectations. Following yesterday’s mixed August Consumer Price Index, market participants are now looking ahead to September and October inflation data, and August’s PPI report will give an indication of what we could see in the coming months. Readers will want to revisit futures once the August Producer Price (PPI) Index and August Retail Sales are published, both at 8:30 AM ET. European markets are mostly higher in midday trading and U.S. Despite weakness in Consumer Services and Consumer Durables names, South Korea’s KOSPI posted a 1.51% gain led by Transportation and Industrial Services companies. India’s SENSEX ended the day essentially flat with a 0.08% gain, China’s Shanghai Composite rose 0.11%, Hong Kong’s Hang Seng advanced 0.21% and Australia’s ASX All Ordinaries added 0.50% while Taiwan’s TAIEX closed up 1.36% and Japan’s Nikkei ended the day 1.41% higher. Asia-Pacific equity markets finished the day ahead.
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