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Afternoon Note

Challenging Week

By Karina Hernandez, Senior Research Analyst
9/22/2023 1:42 PM

Investors struggle with the expectation that interest rates will remain higher for an extended period, while S&P Global PMI for September painted a mixed scenario (more below).

Boston President Susan Collins’ speech this morning was somewhat soothing, expressing that further interest rates hikes are ‘not off the table,’ but patience is required. Collins stated, “It is too soon to be confident that inflation is on a sustainable trajectory back to the 2 percent target,” and job growth is still “above trend.”

Growth sectors are leading this afternoon, benefiting from a retreat in yields. And Financials are the lone sector in the red.

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The S&P Global Flash U.S. Manufacturing PMI improved from 47.9 in August to 48.9 in September. Contrarily, output, and new orders saw contractions, but these softened compared to the previous month.  


This has been a challenging week for stocks. Fed officials’ speeches continue with Minneapolis Fed Kashkari and Fred President Daly delivering speeches at 1pm E.T.

Let’s see if the main indices can hold onto gains into the close. 

Have a great weekend.


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