The month of September saw the major indices fall sharply:
- Dow industrial average -8.84 point
- S&P index -9.37%
- NASDAQ index -10.5%
For the quarter, the major indices closed lower for the 3rd consecutive quarter.
- Dow industrial average fell -6.66% (oh no!)
- S&P index fell -5.232%
- NASDAQ index fell -4.11%
Both those benchmarks are in the rear view mirror. It is a new month and a new quarter. Adam points out that the seasonals are favorable in October:
- Third-best month for the Nasdaq (and not far off from the best), though volatility is high with double digit gains/losses not uncommon
- Fourth best month for the S&P 500
The main indices have open higher, but are giving back some of their early gains. A snapshot 9 minutes into the opening is showing:
- Dow industrial average up 277.55 points or 0.97%
- S&P index up 25.19 points or 0.70%
- NASDAQ index is up 24 points or 0.23%
- Russell 2000 is up 10.06 points or 0.60%
Tesla is weighing on the NASDAQ index after it missed on its 3rd quarter sales. It is currently down near 8%..
The S&P Global PMI index for September is due at 9:45 AM with the expectations of 51.8.
At 10 AM, construction spending is expected to fall -0.3% vs. -0.4% last month.
Also at 10 AM the
- ISM manufacturing PMI is expected to dip to 52.2 from 52.8.
- The prices paid index is expected to dip to 51.9 from 52.5.
- The employment component is expected to dip to 53.0 from 54.2.
