The stock market registered broad-based losses on this holiday-shortened week. The week featured below-average volume as investors remained in vacation mode after Labor Day weekend. This made it easy for a decline in the shares of Apple (AAPL), along with a rise in the price of crude oil, and rising interest rates to drag the market lower. <\/p>\n\n\n\n
Only two of the S&P 500 sectors logged a gain with energy gaining 1.4% and utilities up 0.3%. The industrials (-2.9%), technology (-2.3%), and materials (-2.5%) sectors all declined by more than 2.0%.<\/p>\n\n\n\n
Apple (AAPL) declined 6.0% this week following reports on Wednesday that China banned government officials from using Apple devices, according to The Wall Street Journal. Apple was hit again on Thursday following a Bloomberg report that China is aiming to broaden its iPhone ban to state and federal agencies. The news on Apple sent semiconductor stocks lower as well, leading to a 2.0% loss in the PHLX Semiconductor Index.<\/p>\n\n\n\n
The sharp increase in oil prices prompted worries about inflation expectations and consumer spending pressures. That understanding contributed to this week’s stock sell off. WTI crude oil futures jumped $1.92, or 2.2%, to $87.47\/bbl. That move follows news that Saudi Arabia and Russia are planning to extend their voluntary oil production cuts of 1 million barrels per day and 300,000 barrels per day, respectively, through the end of 2023.<\/p>\n\n\n\n
Treasury yields climbed this week as market participants reacted to a slate of economic data. The 2-yr note yield rose nine basis points to 4.97% and the 10-yr note yield rose nine basis points to 4.26%. <\/p>\n\n\n\n
The ISM Services PMI showed that services sector activity accelerated in August but prices also increased at a faster pace. Initial jobless claims for the week ending September 2 were just 216,000, its lowest since February. Additionally, productivity for the second quarter was revised lower (to 3.5% from 3.7%) while unit labor costs were revised higher (to 2.2% from 1.6%).<\/p>\n","protected":false},"featured_media":13178,"template":"","categories":[],"tags":[],"class_list":["post-14489","opinion-article","type-opinion-article","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/opinion-article\/14489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/opinion-article"}],"about":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/types\/opinion-article"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/media\/13178"}],"wp:attachment":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/media?parent=14489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/categories?post=14489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/tags?post=14489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}