On this day we remember those whose lives were lost in the tragic events of September 11, 2001. We will never forget.
Markets moving higher. US markets opened higher following Thursday’s steep sell-off. Stocks are looking to end the week on a positive note after a rough five days. It’s been a quiet day so far, with most European markets in the green and Asian markets mixed overnight.
A bad 5 days. The S&P 500 Index and Nasdaq both made new all-time highs on Wednesday, September 2, but the past five days have been another story. The S&P 500 is down 6.7%, for the worst five-day string since March 20. This also is the worst five-day return after making a new all-time high since an 8% drop in February 2020. The last time the S&P 500 fell more than 6% after new highs was October 1989. This recent drop took place above the 50-day moving average, for the worst five-day drop from new highs above this trend line since December 1928.
Election charts are here. One of the top requests we’re receiving is for more election charts. We have so many great charts, and you’ll start seeing these along with our other charts next week in our blog and on the House of Charts. Look for some of our favorite election charts later today in the LPL Research blog.
Technical update. US stocks reversed early gains on Thursday, falling throughout the day and ending with the S&P 500 down 1.8%. Technology was the worst performing sector behind only energy and closed nearly 4% off its intraday highs. Despite the move lower, the S&P 500 remains above its 50-day moving average and will look to hold that level going into the weekend.
COVID-19 news. On Thursday new cases in the United States fell 15.2% week over week while the seven-day average is about 11% below the prior week (source: COVID Tracking Project). Hospitalizations were flat week over week, a big improvement from Wednesday. The seven-day average number of fatalities has fallen by 35% since the recent peak on August 1. China began testing a nasal spray vaccine. Israel went on lockdown. Western Europe has surpassed the United States in new cases.
LPL Research in the Media
- LPL Research Chief Investment Officer Burt White was quoted in USAToday.
- LPL Research Chief Market Strategist Ryan Detrick joined CNBC’s Power Lunch
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