MARKETS
All Indexes opened down on Wall Street on Monday, adding to further losses as the Federal Reserve stays focused on raising interest rates. The Fed’s last two hikes have been by 0.75 points, and Wall Street is expecting a third .75 point increase in September.
Index performance this morning
The S&P 500 down 0.7% as of 11:30 a.m. Eastern. 74% of stocks in the benchmark index in the red. The Dow Jones Industrial Average fell 164 points, or 0.5% to 32,120 and the Nasdaq fell 0.97%.
Sector performance
Energy stocks with most gains and Technolgy stocks leading the downward trend.
Treasury Rates
The yield on the 10-year Treasury rose to 3.10% from 3.03% late Friday.
Our assessment of the week ahead market performance
Look for a midweek recovery but be cautious as we make our way into in October as the economy will slow as rate hike adjustments lag begins to affect consumer and company spending.
Newsworthy stuff includes…
- Tuesday, Consumer confidence index, New York Fed President John Williams speaks
- Wednesday, Atlanta Fed President Raphael Bostic speaks
- Thursday, Initial jobless claims, ISM manufacturing index
- Friday, Unemployment rate, Factory orders
BIG PICTURE
Key market makers will continue to move to cash and further liquidate unprofitable positions throughout the 3rd Quarter.
