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Wall Street Closed Flat on September 26

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Wall Street Closed Flat on September 26 PART 1 OF 3

Wall Street Closed Flat, Mixed Market Sentiment on September 26

S&P 500

Despite moving higher for two weeks, the S&P 500 started this week on a lighter note due to the market’s lower risk appetite. On September 26, 2017, three out of the 11 major sectors closed the day with profits. Weakness in the materials and telecom services sectors pushed the market lower. On the other hand, strength in the IT and real estate sectors limited the market’s losses.

Wall Street Closed Flat, Mixed Market Sentiment on September 26

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Market sentiment

The S&P 500 moved higher last week amid the Fed’s hawkish tone and its announcement about reducing the balance sheet. However, the market sentiment on Wall Street is mixed this week. The risk appetite decreased amid a war of words between North Korea and the US. On Tuesday, President Trump commented that the US is prepared to use “devastating” force against North Korea. President Trump praised China for imposing sanctions on banking relations with North Korea. On the economic data front, according to the Conference Board, September’s U.S. CB Consumer Confidence fell to 119.8—less than the forecast of 120. New home sales fell to 560,000 in August—less than the analyst’s expected home sales of 588,000. The market opened higher on Tuesday. Weaker economic data limited the market’s upward movement in the early hours.

In her NABE speech yesterday, Fed Chair Janet Yellen commented that it wouldn’t be wise to keep interest rates unchanged until inflation reaches 2%.

Volatility

On September 26, the S&P 500 opened the day higher but fell as the day progressed and closed flat. The CBOE Volatility Index (or VIX) measures uncertainty in the market. On September 26, it fell 0.39% to 10.17. The VIX is measured on a scale of one to 100 with 20 as the historical average. The VIX is also called the “fear index.” It usually has an inverse relationship with stocks and rises when the S&P 500 falls.

NASDAQ and Dow

The NASDAQ Composite Index and Dow started the day higher. Amid a recovery in the IT sector, the tech-heavy NASDAQ Composite Index closed the day at 6,380.16 with a gain of 0.15%. The Dow Jones Industrial Average fell 0.05% and closed at 22,284.32. In the next part, we’ll discuss the S&P 500’s top gainers on September 26.

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