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Sep 20 - Dow tumbles 900 points in Monday market rout, S&P 500 now 5% off record high



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 4 weeks ago '11        #1
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Sin  topics gone triple plat - Number 1 spot x40
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Sep 20 - Dow tumbles 900 points in Monday market rout, S&P 500 now 5% off record high
 

 
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U.S. stocks began the week deeply in the red as investors continued to flock to the sidelines in September amid several emerging risks for the market.

The Dow Jones Industrial average lost 900 points, or 2.6%, set for its biggest one day drop since October 28 2020. The S&P 500 fell 2.7%, also on pace for its worst daily performance in nearly 11 months. The tech-heavy Nasdaq Composite dropped 3.3%.

Monday’s rout pushed the S&P 500 5% below its all-time high from September 2 on an intraday basis. This marked the first 5% pullback for the broad equity benchmark since October 2020, according to LPL Financial Research. The blue-chip Dow and the Nasdaq were also now more than 5% from their respective record highs.

There were a number of reasons for the sell-off:

Investors fear a contagion sweeping financial markets from the troubled China property market. Hong Kong equities saw a big sell-off during the Asia trading session on Monday. The benchmark Hang Seng index plunged 4% with embattled developer China Evergrande Group on the brink of default.
The Federal Reserve begins a two-day meeting Tuesday and investors are worried the central bank will signal it’s ready to start pulling away monetary stimulus amid surging inflation and improvement in the job market.
Covid cases because of the delta variant remain at January levels as colder weather approaches in North America.
September has the worst track record of any month, averaging a 0.4% decline, according to the Stock Trader’s Almanac. History shows the selling tends to pick up in the back half of the month.
Investors are also concerned about brinkmanship in DC as the deadline to raise the debt ceiling approaches. Congress returned to Washington from recess rushing to pass funding bills to avoid a government shutdown.
Stocks linked to global growth were down the most Monday. Ford and Carrier Global lost more than 3%. General Motors and Boeing fell about 2% each. Nucor steel shed 2.8%

Energy stocks tumbled as WTI crude oil fell 2% on concerns about the global economy. The energy sector fell 3.3%, becoming the worst-performing group among the 11 S&P 500 groups. APA shed more than 6%, while Occidental Petroleum and Devon Energy both dropped over 5%. Hess also lost 5.3%.

Bond prices gained as investors sought safety. The move pushed the 10-year Treasury yield down by 5 basis points to 1.325%.

Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2%.

“We think the mid-cycle transition will end with the rolling correction finally hitting the S&P 500,” wrote Mike Wilson, Morgan Stanley’s chief U.S. equity strategist. “We point to downside risk to earnings revisions, consumer confidence and PMIs.”

Wilson said he believes a “destructive outcome” is looking more likely that results in a pullback of 20% or more. On Friday, University of Michigan’s September consumer sentiment index came in at 71, just slightly above the August level that was the lowest in 9 years.

The Cboe Volatility index, Wall Street’s fear gauge, jumped above the 26 level on Monday, the highest since May.

“We are in an information vacuum at the moment,” said Jamie Cox, managing partner at Harris Financial Group. “Stalemates in Congress on the debt ceiling, worries on policy changes or mistakes in monetary policy, and a litany of proposed tax increases have dampened the mood for investors. When this occurs, corrections happen.”

Amid Monday’s sell-off, a number of classic defensive stocks provided the broader market with some support. Walmart, Procter & Gamble and Merck all traded in the green. Pfizer rose 1.5% after the drugmaker said its Covid vaccine is safe and appears to generate a robust immune response in kids ages 5 to 11.

Meanwhile, airline stocks jumped higher in unison after news that the U.S. will ease travel restrictions for foreign visitors who are vaccinated against Covid. American Airlines rose 2%, while United and Delta both traded about 1% higher.

Stocks have struggled so far in September in line with historical trends. For the month, the Dow is off 3.3%. The S&P 500 is lower by 3.2% and the Nasdaq Composite is lower by 2.9%.

On Friday, the Dow Jones Industrial Average turned in three straight weeks of losses for the first time since September 2020. The S&P 500 saw its biggest trading volume Friday since July 19, more than doubling its 30-day average volume.

Friday coincided with the expiration of stock options, index options, stock futures and index futures — a quarterly event known as “quadruple witching.” History shows volatility tends to pick up around this event.

Fed Chair Jerome Powell will hold a press conference Wednesday at the conclusion of the two-day meeting. Powell has said the so-called tapering could occur this year, but investors are waiting for more specifics, particularly after mixed economic data released since Powell’s last comments.

Some investors believe this is just normal market action that can occur in September.

“The reasons for drop this morning are the same as last week: China concerns (Evergrande, regulation, COVID), Fed tapering and possible tax hikes, but nothing new occurred this weekend to justify this mornings’ declines,” Tom Essaye, founder of Sevens Report, said in a note.

Other risky a*sets declined on Monday. Bitcoin lost as much as 10% to below $43,000.

Most commodities were in the red. Gold was among the few a*sets in the green, adding 0.5% to $1,760.

visit this link https://www.cnbc.com/2021 .. lose-news.html


Last edited by Sin; 09-20-2021 at 04:02 PM..
+3   



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37 comments
 

 4 weeks ago '04        #2
GUCCI C0ND0MS 
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Elections have consequences. The Biden administration is an unmitigated disaster.
-15   

 4 weeks ago '04        #3
bibbyboi 
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 GUCCI C0ND0MS said
Elections have consequences. The Biden administration is an unmitigated disaster.
It's because a huge real estate company in China failed to deliver on their loans. So unless you think Biden should have been giving money to China I don't know how you could blame this on him.
+22   

 4 weeks ago '17        #4
lucifershammer  topics gone triple plat - Number 1 spot x4
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China economy knees r starting to buckle
+9   

 4 weeks ago '14        #5
consigliereA  topics gone triple plat - Number 1 spot x1
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CHI-NUH..




b
+4   

 4 weeks ago '06        #6
imthatinfamous  topics gone triple plat - Number 1 spot x1
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Biden won't say but I know who would



+4   

 4 weeks ago '21        #7
mypostmakesense  topics gone triple plat - Number 1 spot x5
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Stocks historically do pretty poorly in September.
+5   

 4 weeks ago '11        #8
Sin  topics gone triple plat - Number 1 spot x40 OP
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 mypostmakesense said
Stocks historically do pretty poorly in September.
which is why I see this as a buying opportunity

Tomorrow’s futures




Last edited by Sin; 09-20-2021 at 08:10 PM..
+12   

 4 weeks ago '08        #9
tdnupe3 
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Crypto market was a bloodbath today as well.

That Chinese real estate company being big enough to affect the global economy really kind of puts thing into perspective for me.
+8   

 4 weeks ago '21        #10
BigGVD 
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 GUCCI C0ND0MS said
Elections have consequences. The Biden administration is an unmitigated disaster.
Biden got elected a year ago dumbass
+2   

 4 weeks ago '11        #11
Sin  topics gone triple plat - Number 1 spot x40 OP
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 BigGVD said
Biden got elected a year ago dumbass
not even, only 9 months
+2   

 4 weeks ago '21        #12
BigGVD 
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 Sin said
not even, only 9 months
10 months and some change but it doesn't matter. Any effect the election had woulda been directly after that not 9 months later

 4 weeks ago '11        #13
PotheadFocker  topics gone triple plat - Number 1 spot x2
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 GUCCI C0ND0MS said
Elections have consequences. The Biden administration is an unmitigated disaster.
*the wind blows in Arkansas


“ZOmG u GUisE! Biden is the ANTiCryst!!!! Teh sky is falling!”




d*ck sucking MAGA queefs have become the new snowflakes. Biden lives rent free in your head 24-7. I remember the 1st time I voted too, it’s cute
+2   

 4 weeks ago '17        #14
Ymmot  topics gone triple plat - Number 1 spot x5
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 GUCCI C0ND0MS said
Elections have consequences. The Biden administration is an unmitigated disaster.
You still don't think your top 5 stupidest people on this site?
-1   

 4 weeks ago '04        #15
GUCCI C0ND0MS 
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 Ymmot said
You still don't think your top 5 stupidest people on this site?
Yea, we'll see how stupid I am next year during the midterms

#redwave


Last edited by GUCCI C0ND0MS; 09-21-2021 at 07:52 AM..
-2   

 4 weeks ago '04        #16
GUCCI C0ND0MS 
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 PotheadFocker said
*the wind blows in Arkansas


“ZOmG u GUisE! Biden is the ANTiCryst!!!! Teh sky is falling!”




d*ck sucking MAGA queefs have become the new snowflakes. Biden lives rent free in your head 24-7. I remember the 1st time I voted too, it’s cute
Right, you're an unemployed bottomfeeder living off of entitlements, selfishly pushing your socialist agenda. I wouldn't expect your to grasp anything related to the free markets.
-2   

 4 weeks ago '04        #17
bibbyboi 
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 BigGVD said
10 months and some change but it doesn't matter. Any effect the election had woulda been directly after that not 9 months later

 4 weeks ago '04        #18
GUCCI C0ND0MS 
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 BigGVD said
Biden got elected a year ago dumbass
And your point is? What has gotten better under biden?

 4 weeks ago '11        #19
PotheadFocker  topics gone triple plat - Number 1 spot x2
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 GUCCI C0ND0MS said
Right, you're an unemployed bottomfeeder living off of entitlements, selfishly pushing your socialist agenda. I wouldn't expect your to grasp anything related to the free markets.
False. You snooping my posts and can’t even understand english
-1   

 4 weeks ago '17        #20
Lazy 
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Y’all can’t count months correctly, but want people to listen to your opinions on public health, economics, and politics

Stick to Stormfront losers
+3   

 4 weeks ago '15        #21
POTUS2045  topics gone triple plat - Number 1 spot x1
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The calm before the storm has ended. Let the proxy wars end and the great reset begin.

 4 weeks ago '21        #22
BigGVD 
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 bibbyboi said
The election was in November my boy

 4 weeks ago '21        #23
Fras 
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 GUCCI C0ND0MS said
And your point is? What has gotten better under biden?
Don’t worry. In another 2 years these Boxden clowns would say “Biden only got elected two and a half years ago! It’s not his fault idiot!”

People on here also don’t seem to understand Biden policies have consequences. But most on here are clinically retarded so I don’t expect them to understand the basics of economics or politics.

 4 weeks ago '15        #24
MisterHawkins 
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I hate to say this, but China needs the mother of all bombs dropped on them/ they’re fu*king up the whole damn world from Rona to crypto fud and now this….got damn
+3   

 4 weeks ago '21        #25
nocomment  topics gone triple plat - Number 1 spot x1
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 GUCCI C0ND0MS said
Yea, we'll see how stupid I am once next year during the midterms

#redwave
midterms, no the way you losing voters to covid



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