Welcome to Markets Desk, here's what's moving the tape this Monday.
Equities closed August on a soft note, with the S&P five hundred slipping a third of a percent to seven thousand six hundred eighty-six, the Dow off seven-tenths, and the Nasdaq barely lower. The culprit was oil — surging crude prices stoked inflation fears and pulled risk appetite off the table heading into the final stretch of summer.
That weakness in the dollar is adding another layer to the macro picture. The dollar index fell roughly a quarter of a percent after Treasury Secretary Bessent remarked that the Fed has historically not raised rates in response to supply shocks. That's a dovish signal from a key administration voice, and the market heard it clearly — with the yuan simultaneously climbing to a three-and-a-half-year high, further pressuring the greenback.
Now all eyes turn to September, historically the worst month of the year for equities. But analysts are pointing to a critical technical support level in the S&P five hundred suggesting the index may be better positioned than seasonal patterns imply — with corporate fundamentals and cooling rate expectations potentially providing a floor against the usual late-summer turbulence.
That's the tape. Markets Desk, signing off the floor.
