- The S&P 500 fell 0.39% to a three-day low.
- The US Consumer Price Index fell to 2.5% on an annual basis in August, compared with an estimated 2.6%.
- First impressions favor Democratic candidate Kamala Harris after facing Donald Trump in the first presidential debate.
The S&P 500 hit a daily high at 5,498, attracting sellers who took the stock index to a three-day low of 5,405. At the time of writing, the S&P 500 is trading at 5,473, down 0.39% today.
US Consumer Price Index falls short of analysts’ estimates
According to data from the US Bureau of Labor Statistics, the US Consumer Price Index came in at 2.5% year-on-year in August, below the 2.9% recorded in July and the 2.6% expected by the market. This figure represents its lowest level since March 10, 2021.
On the other hand, first impressions favor Democratic candidate Kamala Harris after the first presidential debate with former President Donald Trump. Polls indicate that the Democratic candidate had a superior performance in the debate, although this may not necessarily be reflected in the polls.
Levels to consider in the S&P 500
The S&P 500 established short-term resistance at 5,543, given the September 5 high that converges with the 23.6% Fibonacci retracement. The next key resistance is found at 5,654, the September 2 pivot point. The key support area is found at 5,293, the August 9 low that converges with the 50% Fibonacci retracement.
S&P 500 daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
