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Daily U.S. Market Update

September 22, 2023 at 6:30 p.m. EDT

Michael P. Reinking, CFA
Sr. Market Strategist

Most major US indices fell for the third consecutive week. The negative seasonality that we highlighted coming into August has been playing out. Over that two month window the S&P 500 has fallen nearly 6%. The clouds historically tend tend to linger into early October before lifting in anticipation of the holiday season as we approach November.

This week was all about central banks with over 10 rate decisions. Markets have been on a treadmill where the focus shifts from the labor market data, to inflation data followed by the central bank response. Unfortunately that is a dynamic that is likely to continue for the foreseeable future as central banks take a data dependent approach (calendar of key eco data through year end below).

Low-priced stocks account for the most market volume since February 2021

U.S. equity market intra-day volume by price

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Term of the Week from Investopedia

Prime rate

The prime rate is the interest rate that commercial banks charge their most creditworthy customers.

Market Insights

NYSE: The Market for Innovation

As the world’s largest stock market where an average 2.4 billion shares exchange hands each day, the NYSE is also powered by a cutting-edge, dynamic technology infrastructure that is unrivaled in the financial markets. Learn more about our innovative trading technology and what it can do for your business.

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Equity market structure proposals

NYSE Group, Inc., Charles Schwab & Co., and Citadel Securities are pleased to present a consensus position to the Securities and Exchange Commission on its recent equity market structure proposals. We share a commitment to ensuring that the U.S. equities market remains the most liquid, efficient, and competitive in the world, thereby strengthening our economy, supporting issuers, and helping to secure the retirement futures of everyday Americans.

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Although the S&P 500 has made strong gains this year, much of the momentum has been driven by a limited number of mega-cap technology stocks. We review trading activity in the S&P large-cap (500), mid-cap (400) and small-cap (600) indices in search of clues that could suggest a more sustainable wider market rally, possibly driven by individual investors.

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The NYSE Closing Auction remains the largest liquidity event in the equities market, with an average notional value traded of more than $18bn per day during the full year of 2022. Closing Auction informational imbalance messages provide users with vital details about the Closing Auction order flow and the potential closing price of a security.

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Exchange-traded products are one of the fastest growing investment products in the world, combining the simplicity of stocks with the diversified risk of mutual funds.

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Through a dual options market structure, traders and brokers have choice and flexibility that comes from a mixture of electronic trading and open outcry interaction.

NYSE Pillar®

Our new integrated trading technology platform that will enable member firms to connect to all of our equities and options markets using a single specification.

ICE Vox

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Exchange Traded Products

Exchange-traded products are one of the fastest growing investment products in the world, combining the simplicity of stocks with the diversified risk of mutual funds.

Options

Through a dual options market structure, traders and brokers have choice and flexibility that comes from a mixture of electronic trading and open outcry interaction.

NYSE Pillar®

Our new integrated trading technology platform that will enable member firms to connect to all of our equities and options markets using a single specification.

ICE Vox

Get news and insights from ICE.