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“Today I will do what others won’t, so tomorrow I can accomplish what others can’t” – Jerry Rice
It’s not often that you see the S&P 500 on pace for its fourth straight down day and it’s still within 0.6% of an all-time high, but it’s been a rather listless market in the days straddling the Labor Day weekend. The economic calendar is light again today with Jobless Claims the only report on the calendar. While the earnings calendar is light today, we’re currently in a relatively busy time of year when it comes to investor conferences, so there’s always the chance that a company drops a surprise at one of these conferences. Today, some of the more notable conferences are the Morgan Stanley Health Care Conference, Barclays Energy Conference, and the Deutsche Bank Technology Conference. In Europe, the ECB just announced its latest policy decision, and while rates were left unchanged, the central bank did take a moderately hawkish tone at the margin by announcing that it would conduct bond market purchases at a ‘moderately lower pace’ than recent activity.
In economic news, both initial and continuing jobless claims came in at post-COVID lows.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
One notable trend in this morning’s corporate announcements comes from the airline sector as not one, not two, and not three, but four different airlines have hit the tape this morning to lower Q3 guidance citing weakness related to the uptick in COVID cases (actually make that five as Delta just recently hit the tape as well). As one might expect after a company lowers guidance, all four stocks are trading moderately lower on the news. While the airline companies are just announcing the news of softer demand and a higher rate of cancellations, their stocks have been telling us this for months. Take a look at the charts below. All four have been in steady downtrends all summer.
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