Industrials underperformed on the first cash close after Labor Day while energy stocks rose and IXC and XOP posted new 52-week highs.
Markets • Equities • Energy
U.S. stocks closed lower Tuesday, Sep. 8, on the first full cash session after Labor Day. The Dow Jones Industrial Average finished at 52,786.07, down 628.18 points or 1.18%. The S&P 500 closed at 7,673.52, down 0.58%. The Nasdaq Composite settled at 26,421.41, down 0.32%, softer than flat. Each major closed below its session high.
Energy was the relative winner. The Energy Select Sector SPDR (XLE) rose about 1.1%. iShares Global Energy (IXC) gained about 1.5% and hit a new 52-week high. SPDR S&P Oil & Gas Exploration & Production (XOP) rose about 1.7% with a new 52-week high. Those are 52-week marks, not proven all-time ETF records. Brent settled at $97.92 and WTI at $93.03 after Houthi-related supply-risk headlines.
Secondary press citing CME FedWatch put September rate-hike odds near a 58% to 60% snapshot ahead of PPI Thursday, CPI Friday, and the Sep. 15-16 FOMC meeting. Odds move with the data; the range is a labeled snapshot, not a fixed forecast.
Sources: CNBC index and ETF quotes; Reuters close wrap and oil settles; FedWatch via Reuters/secondaries.
Cedar Global Markets
