September 21 – September 25 Week in Review

Last week was a classic roller coaster ride for the market. The S&P 500 fell 0.6%, its fourth straight weekly decline, the Dow Jones Industrial Average declined 1.8%, and the Russell 2000 declined 4.0%. The Nasdaq Composite was the sole bright spot, gaining 1.1%.

There wasn't one thing investors could point to and say this is why the broad market struggled. Instead, it was another week filled with events that fed into the general uncertainty and the negative momentum seen so far this month.

Growth concerns were evident in the declines in the cyclical energy, materials, financials, and industrials sectors. The information technology, consumer discretionary, and utilities sectors closed higher.

The Nasdaq turned positive at the end of the week, as shares of Apple, Amazon, and Microsoft rebounded nicely on no news. These stocks rose between 3.5% and 5% on the week.

In Washington, the passing of Supreme Court Justice Ginsburg, as viewed through the lens of the market, was another factor that investors initially thought could take focus away from a fiscal relief bill before the election. Democrats are reportedly preparing a $2.4 trillion relief bill, but it's unlikely to have the support of Republicans.

On the coronavirus front, Johnson & Johnson advanced its COVID-19 vaccine candidate to Phase 3 trials, while several countries in Europe reinstated business restrictions to help curb a resurgence of the virus. In China, Beijing updated its trade blacklist without naming any affected companies.

U.S. Treasuries finished mostly higher last week, particularly on the longer-end of the curve. The 2 year yield declined one basis point to 0.13% and the 10 year yield declined three basis points to 0.66%.

In other markets the U.S. Dollar Index gained 1.8% to 94.59, WTI crude closed slightly higher at $40.25 a barrel, and gold futures fell 4.9% to $1866.30 an ounce.

September 28 – October 2 Economic Calendar

  • Monday
  • Dallas Fed Manufacturing Survey
    10:30 AM ET

  • Tuesday
  • Goods Trade (Advance)
    8:30 AM ET
  • Retail Inventories (Advance)
    8:30 AM ET
  • Wholesale Inventories (Advance)
    8:30 AM ET

  • Redbook
    8:55 AM ET
  • Case-Shiller House Price Index
    9:00 AM ET
  • Consumer Confidence
    10:00 AM ET
  • Wednesday
  • MBA Mortgage Applications
    7:00 AM ET
  • ADP Employment Report
    8:15 AM ET

  • GDP
    8:30 AM ET

  • Corporate Profits
    8:30 AM ET

  • Chicago PMI
    9:45 AM ET

  • Pending Home Sales Index
    10:00 AM ET
  • State Street Investor Confidence Index
    10:00 AM ET
  • EIA Petroleum Status Report
    10:30 AM ET
  • Farm Prices
    3:00 PM ET
  • Thursday
  • Jobless Claims
    8:30 AM ET
  • Personal Income and Outlays
    8:30 AM ET
  •                                   PMI Manufacturing Final
           9:45 AM ET                                    
  • ISM Manufacturing Index
    10:00 AM ET
  • Construction Spending
    10:00 AM ET
  • EIA Natural Gas Report
    10:30 AM ET
  • Fed Balance Sheet
    4:30 PM ET
  • Money Supply
    4:30 PM ET

    • Friday
    • Motor Vehicle Sales
      7:30 AM ET
    • Employment Situation
      8:30 AM ET

    •   Consumer Sentiment
      10:00 AM ET

    • Factory Orders
      10:00 AM ET

    • Baker-Hughes Rig Count
      1:00 PM ET


PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. This commentary is a matter of opinion and is for informational purposes only. It is not intended as investment advice and does not address or account for individual investor circumstances. Investment decisions should always be made based on the client's specific financial needs, goals and objectives, time horizon and risk tolerance. The statements contained herein are based solely upon the opinions of Telemus Capital, LLC. All opinions and views constitute our judgments as of the date of writing and are subject to change at any time without notice. Information was obtained from third party sources, which we believe to be reliable, but not guaranteed.

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