September’s Not Over Yet… Yesterday’s “buy everything” session sparked hope for a more positive conclusion to what’s been a month to forget, but US stocks are once again finding themselves on the receiving end of an uncomfortable reality check. It seems any month-end/quarter-end boost has quickly evaporated, and a combination of alarming series of Covid headlines and an alarming lack of stimulus headlines have put a negative spin on what was at first looking to be a fairly flat day ahead of the first Presidential debate tonight. Still the S&P has mostly held yesterday’s low (3333) and is now attempting to reclaim some losses as 2pm nears. Defensive sectors like Food Retail, Utilities, and Healthcare have fared relatively well, but have been surpassed by Semis which are now leading the Nasdaq back into positive territory as they manage to stay hot with Micron (MU +2.5%) earnings coming after the bell. The risk-off tone has the losers losing once again, with Banks giving back a chunk of yesterday’s gains and Energy the biggest laggard as crude plunges through its 100d moving average
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