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“I want to put a ding in the universe.” – Steve Jobs
2020 has put more than a ding into the universe, and just when you thought things can’t get any more complicated, the world received news Friday night regarding the death of the iconic Supreme Court Justice Ruth Bader Ginsburg. From a purely political perspective, what already promised to be one of if not the craziest, and most politically charged election cycles of our lifetimes only heated up more. Add to that a resurgence of the COVID outbreak in Europe, and it’s looking like another typical September week of declines.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, market performance in the US and Europe, discussion of the political ramifications of the upcoming SCOTUS fight, trends related to the COVID-19 outbreak, and much more.
The S&P 500 is poised to open down about 1.5% this morning, and below we have summarized the typical performance of SPY from the open to close following downside gaps of 1% or more. On the 64 days since 1994, that these downside gaps have occurred on a Monday, SPY’s median performance from the opening to closing bell has been a gain of 0.02% with positive returns half of the time. In other words, it’s basically a coinflip.