Dow's Frantic Rally Falls Short, Logs Weekly Loss

The Dow erased a 628-point deficit at one point

Digital Content Manager
Sep 4, 2020 at 4:37 PM
facebook twitter linkedin

It was a dramatic end to the first week of September. After spending most of Friday still reeling from a monstrous tech sell-off, the Dow pared a 628-point deficit and even clawed back into positive territory later in the day, only to pivot lower again by the closing bell. Meanwhile, the Nasdaq and S&P 500 closed deep in the red for a second-straight day, and ended their worst week since March 20 and June 26, respectively. All three indexes turned in weekly losses, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), climbed to its highest point since June 15 on its way to back-to-back weekly wins.

Continue reading for more on today's market, including:

    • This retail stock is among the best to own to own next week.
    • Schaeffer's Founder and CEO Bernie Schaeffer breaks down JNJ's market cap.
    • Plus, bull signal flashing for healthcare stock; the Apple supplier that defied the tech sell-off; and our latest podcast brings you Cboe's Global Markets experts.

    The Dow Jones Industrial Average (DJI - 28,133.31) dropped 159.4 points, or 0.6% for the day, and 1.8% for the week. JPMorgan Chase (JPM) finished with a 2.2% jump, pacing the 11 gainers. (CRM) paced the 19 laggards with a 3.9% fall.

    Meanwhile, the S&P 500 Index (SPX - 3,426.96) shaved off 28.1 points, or 0.8% for the day, and 2.3% for the week. The Nasdaq Composite (IXIC - 11,313.13) fell 145 points, or 1.3% for today's session, and 3.3% for the week.

    Lastly, the Cboe Volatility Index (VIX - 30.75) lost 2.6 points, or 8.5%, for the day. It added 33.9% for the week.

    Closing Indexes Summary Sept 4
    NYSE and Nasdaq Stats Sept4

    1. The U.S. will surpass 410,000 coronavirus deaths by January as the country heads into winter, according to a University of Washington forecast. (CNBC)
    2. Some analysts are saying a second stimulus package is unlikely to happen before the presidential election, after today's positive employment data. (MarketWatch)
    3. This Humana stock bull signal has never been wrong.
    4. Broadcom bucked the tech sell-off thanks to a blowout earnings report.
    5. Our Market Mashup podcast is back with special guests.

    Corporate Earnings Sept 4

    Unusual Options Activity Sept 4

    Data courtesy of Trade-Alert

    Oil, Gold Post Weekly Losses As U.S. Dollar Climbs

    Oil futures finished lower on Friday. The decline can be attributed to demand concerns, U.S equity losses, and a stronger dollar, all of which helped push prices down below $40 for the first time since July. As a result, October-dated crude was down $1.60, or 3%, to end at $39.77 a barrel for the day. Black gold closed down 7.9% for the week.

    Meanwhile, gold prices ended lower for the third consecutive session, after today's better-than-expected employment data propped up the dollar. Gold for December, the most-active contract, shaved $3.50, or 0.2%, to settle at $1,934.30 an ounce. It finished the week with a 2% loss.


    Minimize Risk While Maximizing Profits

    There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



    Special Offers from Schaeffer's Trading Partners