Major Indexes Lose Ground, Post Weekly Losses

Gold and oil both managed to gain on the week, though

Deputy Editor
Sep 18, 2020 at 4:33 PM
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Despite the looming potential at midday, with the major indexes clinging to minor losses in an effort to notch weekly wins; the Dow ended the day 244 points lower and recorded a small weekly loss. The tech sector was the catalyst for today's selloff, though the struggles between Republicans and Democrats concerning additional coronavirus-related stimulus also weighed on the market. Elsewhere, the S&P 500 and Nasdaq fell considerably, with the former hitting its lowest level this month -- just a few weeks after its Sept. 2, all-time high.

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

    • This Procter & Gamble signal has never been wrong.
    • There's a lot to love about this mining stock.
    • Plus, AMBA eyes a key trendline; Snap stock failed to capitalize on the TikTok ban talks; and Lowe's stock was hit with a downgrade.

    The Dow Jones Industrial Average (DJI - 27,657.42) shed 244.6 points, or 0.9%, and 0.03% for the week. Johnson & Johnson (JNJ) was one of few winners today, topping the list with an 1.4% rise. Meanwhile, Boeing (BA) landed at the bottom with a 3.8% drop.

    Meanwhile, the S&P 500 Index (SPX - 3,319.47) fell 37.5 points, or 1.1% for the day. The Nasdaq Composite (IXIC - 10,793.28) lost 117 points, or 1.1% for today's session. The indexes shed 0.7% and 0.5% for the week, respectively.

    Lastly, the Cboe Volatility Index (VIX - 25.83) fell 0.6 point, or 2.4% for the day, and 3.9% for the week.

    Indexes Sept 18

    NYSESept18

    1. The pandemic's grip on the economy is only tightening, evidenced by a new report showing states are set to raise taxes on businesses next year and cut jobless benefits for workers. (CNBC)
    2. Voters in Minnesota, Virginia, South Dakota, and Wyoming, began casting in-person ballots on Friday, while the former-most prepares for campaign trips by U.S. President Donald Trump and Democratic nominee, former Vice President Joe Biden. (Reuters)
    3. This semiconductor name is eyeing a key trendline.
    4. Snap stock failed to take advantage of the latest TikTok ban talks.
    5. A downgrade dragged Lowe's stock through the mud.

    There were no earnings of note today.

    UVOLSept18

    Data courtesy of Trade-Alert

    Both Oil and Gold Notch Weekly Wins

    Oil moved higher to close Friday's session, notching a win for the week, after Saudi Arabia put pressure on allies to hold true to production quotas. Meanwhile, banks predicted a black gold supply deficit, with Goldman Sachs predicting a setback of 3 million barrels per day (BPD) by the fourth quarter. October-dated crude added 14 cents, or 0.3%, to settle at $41.11 per barrel for the day, and 10.3% for the week -- its best since June.

    Gold notched its second straight weekly win after rising to close up shop on Friday. Today's positive movement comes as the dollar weakened, and economic recovery concerns failed to be calmed. In response, Gold for December-delivery added $12.20 or 0.6%, to settle at $1,962.10 an ounce for the day, and 0.7% for the week.

     

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