Investors are more eager for the month to be over to end this September selloff than parents who are hoping the lockdown ends so in-person school resumes for their kids.
This week the S&P 500 closed at 3,298.46, a loss of 0.63%, the NASDAQ finished at 10,913.56, a gain of 1.11%, and the Dow ended at 27,173.96, a loss of 1.75%.
Summary
The September selloff mainly continued this week. While the tech-heavy NASDAQ managed to finish positive for this week due to Friday’s gains from big tech like Apple, Microsoft, Amazon, etc., most of the market was negative this week. October can’t come soon enough for investors who are hoping to put September’s losses behind them and return to gains next month.
Worth Mentioning
- Nike reported earnings Tuesday beating, both revenue and EPS estimates and announced an 82% increase in online sales. Their stock was up big this week
- Consumer food conglomerate General Mills reported better than expected EPS but revenue slightly below expectations
- Costco beat EPS and revenue expectations on their earnings, but the stock was down because of larger than normal expenses related to the pandemic
- Amazon announced their annual prime day will be October 13th
- Nikola’s CEO stepped down amid fraud allegations, sending the stock price plummeting
- Initial jobless claims were higher than expected at 870,000 for the previous week
- Existing home sales rose at the highest pace in 14 years
Looking Ahead to Next Week
- September ends next week, which will likely be a negative month overall. Q3 also ends
- The unemployment rate will be announced on Friday
- PepsiCo and Bed Bath & Beyond are two of the bigger names reporting earnings next week
Weekly Change In Each Sector:
| Price, 09/18 | Price, 09/25 | Change | |
| XLC — Communications Service | $58.74 | $58.52 | -0.37% |
| XLY — Consumer Discretionary | $143.89 | $143.92 | 0.02% |
| XLP — Consumer Staples | $63.69 | $63.04 | -1.02% |
| XLE — Energy | $33.61 | $30.18 | -10.21% |
| XLF — Financials | $24.68 | $23.49 | -4.82% |
| XLV — Health Care | $105.54 | $103.02 | -2.39% |
| XLI — Industrials | $78.78 | $76.49 | -2.91% |
| XLK — Information Technology | $111.76 | $113.94 | 1.95% |
| XLB — Materials | $65.72 | $62.46 | -4.96% |
| XLRE — Real Estate | $35.60 | $34.67 | -2.61% |
| XLU — Utilities | $58.52 | $58.72 | 0.34% |
Treasury Yield Rates
The 10-Year ended the week at 0.66%, compared to last week’s end of 0.70%
The 2-Year ended the week at 0.12%, compared to last week’s end of 0.14%
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