The Dow Jones Industrial Average eked out a slim gain this week while the S&P 500 and Nasdaq saw modest declines. This week featured plenty of market-moving events, capped off with a quarterly options and futures expiration day on Friday. It resulted in the S&P 500 and Nasdaq closing below their 50-day moving averages. <\/p>\n\n\n\n
Despite a lower finish for the indices, eight of the 11 S&P 500 sectors closed with a gain. Information technology, which is the most heavily weighted sector, declined 2.2%. Weakness among the semiconductors also contributed to the sector’s underperformance. That weakness followed Arm’s (ARM) successful IPO on Thursday and a newsreport that Taiwan Semiconductor Manufacturing Co. (TSM) is delaying chip equipment shipments. The Semiconductor Index fell 2.5%. Netflix (NFLX), which is among the top performers this year, tumbled 10.4% this week after its disclosure that the ad business is not material yet to its overall revenue. <\/p>\n\n\n\n
Market participants also digested a slate of economic releases. Chief among them was the August Consumer Price Index report. Briefly, total CPI was up a robust 0.6%, as expected, and core-CPI, which excludes food and energy, was up 0.3% (consensus 0.2%). That left total CPI up 3.7% year-over-year, versus 3.2% in July, and core CPI up 4.3% year-over-year, versus 4.7% in July.<\/p>\n\n\n\n
The takeaway from the report is that core inflation, which is what the Fed monitors more closely, showed ongoing improvement on a year-over-year basis; however, it is still well above the Fed’s 2.0% target.<\/p>\n\n\n\n
Finally, the United Auto Workers launched targeted strikes at three manufacturing plants (one for each of the Big Three US Automakers) after being unable to reach a deal on a new contract with the automakers. Ford (F), Stellantis (STLA), and General Motors (GM) still closed with gains of 2.5%, 5.6%, and 3.0%, respectively, this week.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Dow Jones Industrial Average eked out a slim gain this week while the S&P 500 and Nasdaq saw modest declines. This week featured plenty of market-moving events, capped off with a quarterly options and futures expiration day on Friday. It resulted in the S&P 500 and Nasdaq closing below their 50-day moving averages. Despite a … Continued<\/a><\/p>\n","protected":false},"author":7,"featured_media":13178,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-14604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/posts\/14604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/comments?post=14604"}],"version-history":[{"count":0,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/posts\/14604\/revisions"}],"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=14604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/categories?post=14604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/tags?post=14604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}