The Week on Wall Street
Stocks traveled a volatile path last
week as investors appeared concerned about the upcoming elections, an uncertain economy, and more
delays with additional fiscal stimulus.
The Dow Jones Industrial Average slid 1.66%, while
the Standard & Poor's 500 slumped 2.51%. The Nasdaq Composite index plummeted 4.06% for the week.
The MSCI EAFE index, which tracks developed overseas stock markets, rose
1.44%.[1][2][3]
Stocks Continue To Slip
In a holiday-shortened week of trading, stocks resumed
their slide from the prior week, with the technology-heavy Nasdaq slipping into correction territory
in a three-day span ended on Tuesday, September 8th. (A correction is defined as a decline of at least
10% from a recent high.)[4]
After staging a strong rebound on Wednesday, stocks
once again headed lower as the Senate failed to pass another coronavirus stimulus bill. Mega-cap
technology companies remained under pressure throughout the week. Energy stocks added to investors
woes, plunging on data showing an unexpected build-up in inventories.[5]
The
market ended the week on a mixed note, as technology companies lost additional
ground.
Final Thought
On Friday the nation commemorated the tragic
events of September 11, 2001.
We join all Americans in remembering the lives we lost that
day and the profound impact on the victims' families. We are reminded that it was the unity, kindness,
and warmth that we collectively rediscovered in the wake of 9/11 that saw us through that difficult
period.
THIS WEEK: KEY ECONOMIC DATA
Tuesday:
Industrial Production.
Wednesday: Federal Open Market Committee (FOMC)
Announcement.
Thursday: Jobless Claims. Housing Starts.
Friday: Leading Economic Indicators.
Source: Econoday,
September 11, 2020
The Econoday economic calendar lists upcoming U.S. economic data
releases (including key economic indicators), Federal Reserve policy meetings, and speaking
engagements of Federal Reserve officials. The content is developed from sources believed to be
providing accurate information. The forecasts or forward-looking statements are based on assumptions
and may not materialize. The forecasts also are subject to revision.
THIS
WEEK: COMPANIES REPORTING EARNINGS
Tuesday: Adobe Systems (ADBE),
Lennar Corporation (LEN), Fedex (FDX)
Source: Zacks, September 11,
2020
Companies mentioned are for informational purposes only. It should not be
considered a solicitation for the purchase or sale of the securities. Investing involves risks, and
investment decisions should be based on your own goals, time horizon, and tolerance for risk. The
return and principal value of investments will fluctuate as market conditions change. When sold,
investments may be worth more or less than their original cost. Companies may reschedule when they
report earnings without notice.
Investing involves risk including the potential loss of principal. No investment strategy can
guarantee a profit or protect against loss in periods of declining values.
Diversification does not guarantee profit nor is it guaranteed to protect assets.
International investing involves special risks such as currency fluctuation and political
instability and may not be suitable for all investors.
The Standard & Poor's 500
(S&P 500) is an unmanaged group of securities considered to be representative of the stock
market in general.
The Dow Jones Industrial Average is a price-weighted average of 30
significant stocks traded on the New York Stock Exchange and the NASDAQ. The DJIA was invented by
Charles Dow back in 1896.
The Nasdaq Composite is an index of the common stocks and
similar securities listed on the NASDAQ stock market and is considered a broad indicator of the
performance of stocks of technology companies and growth companies.
The MSCI EAFE Index
was created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the
performance in major international equity markets as represented by 21 major MSCI indices from
Europe, Australia, and Southeast Asia.
The 10-year Treasury Note represents debt owed by
the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower,
investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
Opinions expressed are subject to change without notice and are not intended as investment advice or
to predict future performance.
Past performance does not guarantee future
results.
You cannot invest directly in an index.
Consult your financial
professional before making any investment decision.
Fixed income investments are subject
to various risks including changes in interest rates, credit quality, inflation risk, market
valuations, prepayments, corporate events, tax ramifications and other factors.
These
are the views of Platinum Advisor Strategies, LLC, and not necessarily those of the named
representative, Broker dealer or Investment Advisor and should not be construed as investment
advice. Neither the named representative nor the named Broker dealer or Investment Advisor gives tax
or legal advice. All information is believed to be from reliable sources; however, we make no
representation as to its completeness or accuracy. Please consult your financial professional for
further information.
The market indexes discussed are unmanaged and generally considered representative of their respective markets. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
- The Wall Street Journal, September 11, 2020
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The Wall Street Journal, September 11, 2020
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The Wall Street Journal, September 11, 2020
-
CNBC, September 8, 2020
-
CNBC, September 9, 2020