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Quote of the Day: “Every time one person buys, another sells, and both think they are astute.” – William Feather
After nearing $2,000 per ounce overnight, gold has sold off pretty sharply. US futures are also lower on some negative earnings reports from the likes of 3M (MMM) and McDonald’s (MCD). The GOP unveiled its proposals to replace the CARES Act, so now the two sides can start to try and come to an agreement (that should be interesting). Data flow today is on the quiet side, but 10 AM’s release of Consumer Confidence will be an interesting one to watch.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, key earnings news in Europe and the US, trends related to the COVID-19 outbreak, and much more.
When we said it doesn’t get any worse than this, we were referring to the S&P 500’s seasonal trends for the upcoming month based on the last ten years. As shown in the snapshot below from our Seasonality tool, SPY’s median performance from the close on 7/28 through 8/28 has been a decline of 2.40%. Of all the rolling one-month periods throughout the year, the upcoming month ranks worse than every other one.