S&P and Nasdaq have their worst month in 2023. Indices lower for the 3Q too.

The major indices are closing mixed today with the Dow Industrial Average average fearing the worst. The NASDAQ index eked out a small gain for the day. The S&P was lower.

A snapshot of the closing levels shows:

• Dow industrial average fell -157.50 points or -0.47% at 33508.86
• S&P index -11.46 points or -0.27% at 4288.23
• NASDAQ index rose 18.04 points or 0.14% at 13219.31

For the month of September, all three major indices closed lower. The broader S&P and NASDAQ indices had the worst trading month in 2023 (and worst month since December 2023). Looking at the month declines:

• Dow industrial average fell -3.50%
• S&P index -4.87%
• NASDAQ index fell -5.81%

Today is also the closing level for the 3rd quarter, and each of the major indices closed lower

• Dow Industrial Average fell -2.60%. That was the 1st negative quarter since the 3Q of 2022
• S&P index fell -3.65%. That too was the 1st negative quarter since the 3Q of 2022
• NASDAQ index fell -4.12%, which was the first negative quarter since the 4Q of 2022

For the trading year – with one more quarter to go):

• Dow industrial average is up 1.09%
• S&P index is up 11.68%
• NASDAQ index is up 26.30%

Interest rates moved higher this quarter – especially out the yield curve – which helped to depress stock levels:

• 2-year yield rose 15.8 basis points or 3.22%
• 5-year yield rose 46.2 basis points or 11.10%
• 10-year yield moved up 73.8 basis points or 19.20%
• 30-year yield rose 84 basis points or 21.71%
• The 2 – 10 year spread steepened by 58 basis points, but is still negative by -47 basis points
• The 2 – 30 year spread steepened by 69 basis points, but is still negative by -35 basis points

In other markets:

• Crude oil for the quarter rose $20.27 or 28.68%
• Gold prices this quarter fell $-71.50 or -3.733%
• Silver prices fell 59.6 cents or -2.62%.
• Bitcoin fell $-3535 or 11.61%. Bitcoin still has another 2 days of trading before it’s month end.

In Forex for the 3Q, the US dollar was higher against all the major currency pairs with the largest gain versus the GBP. The smallest gain was averse the CHF (2.28%).:

• The US dollar index rose 328 pips to 106.204. That’s a gain of 3.19%
• EURUSD fell -340 pips or -3.16% (USD higher)
• USDJPY rose 515 pips or 3.57% (USD higher)
• GBPUSD fell -491 pips or -3.87% (USD higher)
• USDCHF rose 204 pips or 2.28% (USD higher)
• USDCAD rose 340 pips or 2.56% (USD higher)
• AUDUSD fell -223 pips or -3.35% (USD higher)
• NZDUSD fell -143 pips or -2.32% (USD higher)