Wednesday's Markets Update (September 6, 2023)

17 Sep 2023 by rate3

On Wednesday, Nasdaq closed lower as strong economic data raised inflation concerns and bets against Fed rate cuts. The ISM Services PMI unexpectedly jumped to 54.5 in August, pointing to the strongest growth in the services sector in six months. Oil prices held at November level highs, which raised further concerns about a rise in inflation. BTC continued the boring sideway move as regulators keep pressuring companies to disclose their crypto-holdings more comprehensively through regular accounting reports.

Details

The services sector grew at the fastest pace in six months in August, as measured by the ISM Services PMI. The index unexpectedly jumped to 54.5, beating expectations of 52.5. All the sub-indexes showed improvement, with business activity, new orders, employment, and inventories all rising. However, price pressures also intensified.

Crypto

New US accounting standard will require companies to report crypto assets separately in financial statements, not as intangible assets.