Your browser is unsupported

Please visit this URL to review a list of supported browsers.

Make the Connection
NYSE Facade

Your browser is unsupported

Please visit this URL to review a list of supported browsers.

Quotes delayed 15 minutes

The NYSE is the world’s largest stock exchange, offering icons and entrepreneurs the opportunity to raise capital and change the world. Our listed companies form a powerful community committed to good governance and societal impact. Industry-leading trading technology, combined with the guidance of experienced traders creates higher market quality for NYSE-market participants

Learn more

DMM on floor of NYSE

Today's market

September 21, 2023 at 1:00 p.m. EDT

Michael P. Reinking, CFA
Sr. Market Strategist

Yesterday US equity markets sold off during Fed Chair Powell’s press conference ending at session lows with the S&P 500 closing at ~4,400 down about 1%. The central bank left rates unchanged but signaled additional tightening may be appropriate as widely expected. The Summary of Economic projections were viewed as hawkish with 50bps of rate cuts taken out of projections for next year while most were looking for only 1. IMHO the overarching message did not really shift very much yesterday. Chair Powell did strike a balanced tone highlighting the need to move “carefully” going forward. However, the update to the SEP and continued resilient economic data drove the higher for longer stake deeper into the ground. Check out our full Fed Recap if you missed it. Yesterday yields moved higher closing at new cycle highs which added to the equity market weakness.

Overnight investors not only had to digest the Fed messaging there were also a slew of other central bank rate decisions with a couple surprises mixed in. Asian markets took their cue from the US weakness with most Asian indices ending off >1%. European indices also opened lower and extended to the downside as some of that central bank commentary began to flow in which pulled S&P futures lower. Ahead of the open there was another round of not particularly Fed friendly data with initial and continuing claims falling to levels not seen since January. Additionally, the Philly Fed index, which somewhat surprisingly broke a string of 11 straight months in negative territory last month, fell sharply to -13.5 from 12 driven by a falloff in new orders. It was the pricing components that were most concerning. Prices received ticked up modestly but there was a big jump in the prices paid component with 26% of companies reporting an increase in input costs. This not only has implications from an inflation perspective, but it also highlights a theme that is becoming more prominent pointing to margin compression.

If you would like to learn more about NYSE proprietary market insights and related content, please visit:

NYSE Research

NYSE Facade and welcome

Welcome to your future

From exciting new public market offerings to consistent innovation built with meaningful tech, the NYSE is always evolving and elevating their game. Leading the equities exchange industry with the largest IPO in the first half of 2023, the NYSE continues to represent the best of the best. See how we help companies connect to capital so they can change the world.

Watch now

News & Views

The NYSE is where companies raise capital that they use to shape the future. As we’ve grown, our community has expanded to include leaders across sectors, and we strive to help make connections, facilitate conversations, and advance the interests of our listed companies and a broad range of investors. This means we continually look to advance how we operate, amplify the messages of our community and bring new solutions to market.

DescriptionLastChange (%)

Quotes delayed 15 minutes

Are you ready?

The NYSE community of listed companies is a collection of icons and disruptors that have committed to the highest standards as they strive to make an outsized impact for their investors, employees and society at large.

When you're ready for the public markets, we’ll create awareness for your brand's mission and celebrate your entire team.

Connect with NYSE

Subscribe to our newsletters and notices to receive the latest updates from NYSE.