Despite a Friday rally, all three major indexes are heading for weekly losses
The usual suspects plagued investors on their return from the Labor Day holiday. Oil prices, bond yields, and hotter-than-expected inflation data all teamed up to send stocks lower throughout the week. Despite a Friday reprieve thanks to cooling crude, all three major indexes are headed for back-to-back weekly losses, the Dow pacing for its worst weekly performance since March.
Tech Tales of the Tape
Tech remained allergic to the sidelines. Quantum computing made a great leap forward, as did Meta Platforms (META) with its agentic AI launch and Apple (AAPL) with its foldable iPhone launch. An analyst set a lofty target for Advanced Micro Devices (AMD), while software concern Adobe (ADBE) stumbled out of the earnings confessional.
Quantitative Signals We're Watching
The broad market weakness has created several intriguing opportunities for contrarians.
Etsy (ETSY) and
Lyft (LYFT) have pulled back to historically bullish trendlines. Salesforce (CRM) has breached
key technical levels, while the oil surge has put
blue chip energy giants in focus.
Labor Day Breaks Up First Full Week of September
With football season in full swing and fall around the corner, all eyes now turn to the Federal Reserve next week. Stocks tend to underperform when the central bank meets, but there could be a caveat next week due to investor caution already bubbling over.