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The case is updated.
Before the stock exchange opened, everything looked set to be a red-hot day for tek shareholders. Super hot Nvidia fell by more than three percent on Wednesday and was likely to fall at least as much in pre-trade on Thursday. This year’s stock market return falls around three percent from the start.
Apple’s shareholders were likely to have an almost equally dark day in the pre-trade, and so it was also when the trade got under way. In the first quarter, Apple shareholders see the worlds falling by three percent.
When the first quarter was over, it looked like this for the key indices:
The broad S&P 500 fell 0.6 percent. The industrial companies’ benchmark index Dow Jones rose 0.1 percent. While the main index on the tech exchange Nasdaq fell 1.2 percent.
The market thus settles into the same track as it ended Wednesday’s trading.
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Before the stock exchange opened, new indicators came from the American labor market, and they now show as high a pressure in the economy as it last did in February. And this probably helps to lower the optimists’ belief that interest rate increases are over.
The market does not price in interest rate increases
In the interest rate market, the fear of an interest rate increase has not materialized yet.
Before the stock market opened on Thursday, a seven percent probability of an interest rate increase from the Fed later in September was priced in. These seven percent then believe in a 0.25 percentage point increase. More than 90 per cent of the investments in the interest rate market are still betting that there will be no interest rate change at the next meeting of the US central bank.
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2023-09-07 13:34:29
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