What goes up, must go down. And that is certainly the case when it comes to market pullbacks.
This week the S&P 500 closed at 3,426.96, a loss of 2.31%, the NASDAQ finished at 11,313.14, a loss of 3.27%, and the Dow ended at 28,133.31, a loss of 1.82%.
Summary
After numerous weeks of weekly gains for all three indexes, they hit their limit. The market was down big Thursday, and slightly Friday. Seen as a healthy market pullback, even Friday’s unemployment data could not bring the week to end positively.
Worth Mentioning
- The U.S. unemployment rate was reported at 8.4 percent for August
- Walmart mentioned it will soon launch its membership program, Walmart+
- Shares of Zoom shot up 25 percent after hours Monday after the company announced stellar earnings
- August ended its best month since the 1980s
- Tesla and Apple shares officially split before Monday’s opening and were down 6 and 5 percent respectfully, after weeks of strong gains
- Unemployment claims were 881,000 for the previous week
Looking Ahead to Next Week
- Markets are closed Monday for Labor Day
- CPI (consumer price index) data, commonly known as inflation, will be released Friday morning
- Chewy and Peloton headlines earnings this week, as both companies report Thursday after the market closes
Weekly Change In Each Sector:
| Price, 08/28 | Price, 09/04 | Change | |
| XLC — Communications Service | $63.56 | $61.78 | -2.80% |
| XLY — Consumer Discretionary | $150.53 | $147.16 | -2.24% |
| XLP — Consumer Staples | $65.77 | $65.54 | -0.35% |
| XLE — Energy | $36.44 | $34.87 | -4.31% |
| XLF — Financials | $25.36 | $25.29 | -0.28% |
| XLV — Health Care | $108.00 | $105.70 | -2.13% |
| XLI — Industrials | $78.79 | $77.84 | -1.21% |
| XLK — Information Technology | $123.16 | $118.12 | -4.09% |
| XLB — Materials | $63.97 | $64.44 | 0.73% |
| XLRE — Real Estate | $36.57 | $36.25 | -0.88% |
| XLU — Utilities | $59.07 | $59.37 | 0.51% |
Treasury Yield Rates
The 10-Year ended the week at 0.72%, compared to last week’s end of 0.74%
The 2-Year ended the week at 0.14%, the same as last week’s end of 0.14%
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