It seemed like every day this week there was a new headline regarding TikTok and Trump. The drama surrounding them is enough to keep even the high school gossiper exhausted.
This week the S&P 500 closed at 3,319.47, a loss of 0.64%, the NASDAQ finished at 10,793.29, a loss of 0.56%, and the Dow ended at 27,657.42, a loss of 0.03%.
Summary
The market was slightly down this week but the big news revolved around IPOs. Several companies went public this week, with Snowflake grabbing the most attention of the bunch. The cloud-based startup was priced to start trading at $120 per share. By the end of its first-day trading, Snowflake was over $250 per share. Not a bad Wednesday.
Worth Mentioning
- The Federal Reserve held their scheduled meeting and Jerome Powell summarized they see interest rates being near zero until 2023
- Nvidia announced it is purchasing chip design company Arm Holdings from SoftBank for $40 billion
- Immunomedics stock doubled Monday on the news that it is being bought by Gilead
- Consumer spending for August slowed as retail sales grew 0.6%
- Jobless claims for the previous week totaled 860,000
- Adobe and FedEx were the big names to report earnings this week. Both reported revenue and earnings per share above analysts’ expectations
Looking Ahead to Next Week
- Several Federal Reserve Board of Governors will speak publicly and provide economic updates
- Darden Restaurants (the parent company of Olive Garden, LongHorn Steakhouse and several other chain restaurants) reports earnings Thursday. It may provide a good indicator of how the restaurant industry is bouncing back
- On Tuesday, Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will appear before congressional committees to discuss coronavirus aid
Weekly Change In Each Sector:
| Price, 09/11 | Price, 09/18 | Change | |
| XLC — Communications Service | $59.78 | $58.74 | -1.74% |
| XLY — Consumer Discretionary | $146.07 | $143.89 | -1.49% |
| XLP — Consumer Staples | $64.65 | $63.69 | -1.48% |
| XLE — Energy | $32.62 | $33.61 | 3.03% |
| XLF — Financials | $24.71 | $24.68 | -0.12% |
| XLV — Health Care | $104.59 | $105.54 | 0.91% |
| XLI — Industrials | $77.61 | $78.78 | 1.51% |
| XLK — Information Technology | $112.96 | $111.76 | -1.06% |
| XLB — Materials | $65.07 | $65.72 | 1.00% |
| XLRE — Real Estate | $35.55 | $35.60 | 0.14% |
| XLU — Utilities | $58.93 | $58.52 | -0.70% |
Treasury Yield Rates
The 10-Year ended the week at 0.70%, compared to last week’s end of 0.67%
The 2-Year ended the week at 0.14%, compared to last week’s end of 0.13%