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By Alex Eule
| Tuesday, September 29 Misplaced
Confidence? Stocks couldn't
maintain their momentum as investors spent the day digesting worrisome
pandemic headlines. New York City's positive testing rate has exceeded a
key 3% threshold for the first time in months, while the National
Football League is dealing with its first real Covid-19
outbreak. New York
City schools will close if that positivity rate remains above 3% over a
seven-day period. The city has been the only large school system attempting
to restart in-person classes this fall. The S&P
500 was down 0.5% on
the day. With just one trading session to go, September is poised to be
stocks' worst month since March. The S&P 500 is down 4.7% in
September. Ten of the 11 S&P sectors were down on the day, with
only communications services eking out a gain. Sure enough,
some of the day's top gainers were stay-at-home leaders like Shopify and Peloton
Interactive, which rose 6.1% and
3.7%, respectively. Meanwhile, more Covid-sensitive names like Tapestry, Kohl's, Urban Outfitters, Shake
Shack, and Macy's were all down at least 4.9%. Walt
Disney said it was laying off 28,000 employees, the majority of
whom were part-time workers. The company cited, in part, the
continued closure of its Disneyland theme park in California. Oil fell
3.2% on the day, to $39.29 a barrel. While the
virus trends are going in the wrong direction, consumer sentiment has
actually improved
of late. The Conference
Board's consumer confidence measure, which
surveyed people through Sept. 18, rose to 101.8, up from 86.3 in August.
Economists had expected a much smaller rise to 90.1. In February,
pre-pandemic, the index had reached 132.6. My colleague Brian
Hershberg has more details from the Conference Board
report here. The
competing data points will continue to weigh on markets for the foreseeable
future. Tomorrow could be a particularly telling sign for risk appetite, with
two large tech companies trading for the first time. More on those trading
debuts below. Investors,
meanwhile, will have tonight's presidential debate to think about tomorrow,
as well. Here's what the debate could mean for investors. |
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DJIA: -0.48% to 27,452.66 The Hot
Stock: Paycom
Software +4.5% Best Sector:
Communication Services +0.1% |
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