Nikola, an electric vehicle company, had a busy week in the news: General Motors is taking an 11% stake in the company. They ended last week (9/04) trading at $35.55, had a high this week of $53.98, and closed the week at $32.13. A rollercoaster week for them, among many other tech firms due to the market correction.
This week the S&P 500 closed at 3,340.97, a loss of 2.51%, the NASDAQ finished at 10,853.55, a loss of 4.06%, and the Dow ended at 27,665.64, a loss of 1.66%.
Summary
The NASDAQ had its worst week since March as the market correction continued. After August’s explosive gains, the market seems to be taking a breather, especially while stimulus talks in D.C. have stalled.
Worth Mentioning
- Unemployment claims totaled 884,000 this week. It was below one million for consecutive weeks but above estimates of 850,000
- Peloton reported great fourth-quarter earnings. Sales were up 127% year-over-year
- The Consumer Price Index increased 0.4% in August
- The market was closed for trading Monday in honor of Labor Day
Looking Ahead to Next Week
- The Federal Reserve meets and will give an update on the economy on Wednesday
- Adobe and FedEx are the biggest names reporting earnings, as both report Tuesday after the close
- Apple holds its new product event Tuesday
Weekly Change In Each Sector:
| Price, 09/04 | Price, 09/11 | Change | |
| XLC — Communications Service | $61.78 | $59.78 | -3.24% |
| XLY — Consumer Discretionary | $147.16 | $146.07 | -0.74% |
| XLP — Consumer Staples | $65.54 | $64.65 | -1.36% |
| XLE — Energy | $34.87 | $32.62 | -6.45% |
| XLF — Financials | $25.29 | $24.71 | -2.29% |
| XLV — Health Care | $105.70 | $104.59 | -1.05% |
| XLI — Industrials | $77.84 | $77.61 | -0.30% |
| XLK — Information Technology | $118.12 | $112.96 | -4.37% |
| XLB — Materials | $64.44 | $65.07 | 0.98% |
| XLRE — Real Estate | $36.25 | $35.55 | -1.93% |
| XLU — Utilities | $59.37 | $58.93 | -0.74% |
Treasury Yield Rates
The 10-Year ended the week at 0.67%, compared to last week’s end of 0.72%
The 2-Year ended the week at 0.13%, compared to last week’s end of 0.14%