Stock Market Update Sunday, September 8th, 2019
Stocks closed higher for the 2nd week in a row.
The main reason for the rally this week was – you guessed it – positive trade talks.
Apparently the US and China will resume trade talks in October.
Here’s what traders are focusing on right now:
- Interest Rates Cuts
On Friday, the August jobs report showed slightly slower hiring. So it’s likely that the Fed will cut interest rates again later this month.
- Recession Worries:
Also on Friday, Fed Chairman Powell said the Fed was “not forecasting or expecting a recession” and would “act as appropriate” to sustain the U.S. economy. That’s another signal for a rate cut.
- Dorian Fallout
Hurricane Dorian changed its path and did not hit Florida as expected. But it still flooded coastal towns along the cost shortly after it hit the Bahamas hard! According to Planalytics, Southeast U.S. retailers can expect Dorian so decline consumer spending as much as $1.5B, with foot traffic at apparel stores, outlet centers and restaurants falling between 14%-32%.
Here’s where the major indices ended the week:
- The S&P finished with a 1.8% gain. Up 52 points, the S&P ended at 2,979.
- The DOW ended higher by 1.5%. Adding 394 points, the DOW closed at 26,797.
- The NASDAQ was up 1.8%. With a 140 point gain, the NASDAQ finished at 8,103.
This week, investors will focus on Facebook and Apple:
Facebook (FB) announced last week that it is launching a dating service in the U.S. While the experience is centered on Facebook, users can connect Instagram accounts to show Instagram stories on their dating profile and connect with their followers there.
And on Tuesday, all eyes turn to Cupertino for the Apple (AAPL) product event. Apple is expected to release two higher-end iPhones (5.8-inch and 6.1-inch OLED) and a lower-priced LCD iPhone. A new Apple Watch is also likely to be displayed, and possibly even new Macs, AirPods, and Apple TV+ details.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.