Your Daily Rundown
The Dow Jones Industrial Average fell 546.8 points, or 1.59%, to 33,843.92, the S&P 500 lost 51.92 points, or 1.19%, to 4,307.54 and the Nasdaq Composite dropped 63.86 points, or 0.44%, to 14,448.58.
The S&P 500 posted its worst month since the onset of the global health crisis, following a tumultuous month and quarter wracked by concerns over COVID-19, inflation fears and budget wrangling in Washington.
All three major U.S. stock indexes had their worst quarterly performance since the opening months of 2020, when the COVID-19 pandemic brought the global economy to its knees.
Jobless claims rose to 362,000 for the week ending September 25, the Bureau for Labor Statistics said, although continued claims — calculated a week in arrears — edged lower, to 2.802 million.
The government’s final estimate for second quarter GDP growth was also nudged higher, to 6.7%, thanks in part to solid consumer spending.
Bed, Bath & Beyond plunged 24.4% after its second quarter earnings miss and outlook cut while Kohl’s fell 6.6% to 49.65 each after Bank of America cut its rating on the stock to ‘underperform’.
The 10 Year Treasury Note fell to 1.487%.
Yesterday’s Market Scorecard
NASDAQ (COMP) 14,448.58
S&P 500 (SPX) 4,134.98
Dow Jones (DJIA) 33,843.92
Russell 2000 (RUT) 2,204.37
The News Desk
Congress Passes Short-Term Government Funding Bill
Congress passed a short-term bill on Thursday to fund the government through Dec. 3, just hours before a potential shutdown.
The bill passed in the Senate with bipartisan support, 65-35, after Democrats stripped language from it that would have suspended the debt ceiling. It passed in the House 254-175, and now heads to President Biden for a signature.
Time to sign on the dotted line, Biden
Facebook Disputes Its Own Research Showing Harmful Effects Of Instagram On Teens’ Mental Health
Facebook has released internal research that examines Instagram’s impact on teenagers’ mental health before a US Congress hearing on Thursday – showing the harmful effects of Instagram on childhood mental health.
Antigone Davis, Facebook’s global head of safety, will appear in Washington on Thursday in a hearing exploring the impacts of the company’s products on young users.
Do we really need a scientific study to prove this?
Unvaccinated United Staff Drops From 593 To 320 After Airline Said It Would Fire Them
United Airlines said Thursday that more employees have uploaded proof of a Covid-19 vaccination, driving down the number of staff facing termination for not complying with the company’s inoculation mandate by almost half.
United has the strictest vaccine mandate policy of any U.S. airline. In August, the company told its 67,000 U.S. employees that they must be vaccinated against Covid-19 this fall to continue working there.
Threats tend to work better than recommendations
Upcoming Events on the Economic Calendar
And now a brief and well-organized look at the trading week ahead:
Friday, October 1st: Personal Income and Outlays (8:30 AM ET)
Friday, October 1st: ISM Manufacturing PMI(Sep) (10:00 AM ET)
Trading Quote of The Day
“Profit from folly, rather than participate in it.” – Warren Buffet