SWS Daily Market Update - September 9, 2021

Another down day for the market with all three major indices down. Investors appear to be uncertain about the prospects for economic growth going forward, especially in view of the ongoing increase in COVID infections and the worry that this may accelerate as schools open. The good news on unemployment today did not offset these concerns. There may be some profit taking at the high stock valuations and the knowledge that there has not been in 5% drop in the SPX since October 2020.

The Labor Department reported that initial jobless claims for the week of September 4 were down by 35,000 to 310,000, better than the estimated 335,000. The number is the lowest since March 2020. The peak was 6.15 million in April 2020 and the typical figure before the pandemic was around 225,000.

Continuing jobless claims also decreased by 22,000 to 2.78 million, in line with the 2.75 million estimate and also the lowest since March 2020.

There were around 11.9 million people receiving some type of unemployment benefit for the week ending August 21.

A number of individuals will start losing unemployment benefits this week.

Economic reports for September 10

Producer Price Index for August: estimate 0.6%, previous 1.0%

Wholesale inventories for July: estimate 0.6%, previous 0.6%​


The SP 500 is down by 0.46% to close at 4493.28. The index is down 0.96% over five days, up 0.73% over one month, up 5.99% over three months and up 34.56% over one year.

The trailing P/E is 31.70 compared to 37.92 one year ago and estimated future P/E 22.27. Dividend yield is currently 1.29 compared with 1.77 one year ago.

Leading stocks were MRNA up 7.81%, AAL up 5.59%, WLTW up 4.45%, UAA up 4.32% and DAL up 3.63%.

Trailing stocks were BIIB down 6.66%, LLY down 5.82%, DLR down 4.97%, TFX down 3.68% and DRE down 3.58%.

The Dow Jones industrial Average is down by 0.43% to close at 34879.38. The DOW is down 1.59% over five days, down 1.75% over one month, up 1.20% over three months and up 26.67% over one year.

The trailing P/E is 23.71 compared with 27.03 year ago and an estimated future P/E of 19.24. The current dividend yield is 1.83% compared with 2.23 one year ago.

Leading stocks were NKE up 1.64%, BA up 1.21%, JPM up 0.44%, DIS up 0.41% and AXP up 0.29%.

Trailing stocks were AMGN down 2.40%, JNJ down 2.23%, MRK down 2.04%, MMM down 1.14%, and WBA down 1.02%.

The NASDAQ composite is down by 0.25% and closed at 15248.25. NASDAQ is down 0.54% over five days, up 2.92% over one month, up 8.76% over 3 months and up 39.64% over one year.

Leading stocks were RKLB up 37.31%, GEVO up 37.13%, IMPL up 27.25%, PAYS up 24.58% and MNTK up 24.30%.

Trailing stocks were HGEN down 47.25%, TUEM down 45.20%, SQBG down 38.14%, BASE down 19.33%, and OTMO down 17.41%.

The MidCap SP400 is down by 0.25% to close at 2711.80. The SP400 is down 2.24% for the past 5 days, down 0.94% for the past month, down 0.69% for the past 3 months and up 46.02% over the past year.

Leading stocks were RH up 7.78%, HQY up 4.42% and JBLU up 4.01%.

Trailing stocks were DAR down 4.09%, HRB down 3.92% and NSP down 3.79%

The SmallCap SP600 is down by 0.28% to close at 1340.70. The SP600 is down 2.71% for the past 5 days, down 1.38% for the past month, down 3.04% for the past 3 months and up 54.54% over the past year.

Leading stocks were GCO up 9.24%, SLQT up 7.70% and AMCX up 5.18%.

Trailing stocks were IVC down 34.94%, CVGW down 17.05% and INGN down 15.48%.

The CBOE VIX is up 4.68% and closed at 18.80. The VIX is up 14.56% over five days, up 20.59% over one month, up 16.77% over three months and down 36.72% over one year.

On the New York stock exchange 1620 stocks advanced and 1654 declined, while on Nasdaq 2304 advanced and 2078 declined.

There were 96 new 52 week highs and 30 new 52 week lows on NYSE with 92 new highs and 50 new lows on NASDAQ.

The 2 year Treasury note yield is 0.208% and 10 year is 1.303%. The 10 year yield is down 2.3% over five days, up 1.7% over one month, down 15.0% three months ago, and up 63.2% one year ago.

SP500 Sector Performance % change

Financials +0.25

Energy +0.12

Materials +0.07

Consumer Discretionary -0.28

Communication Services -0.33

Information Technology -0.42

Industrials -0.47

Utilities -0.58

Consumer Staples -0.61

Health Care -1.17

Real Estate -2.12

Financials has been down 1.24% over five days, down 2.75% over one month, up 1.37% over three months and up 54.41% over one year.

Real Estate has been down 2.65% over five days, up 2.09% over one month, up 3.81% over three months and up 34.02% over one year.

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