Your Thursday Blip 9/3/20

Your Thursday Blip 9/3/20

Stocks opened mixed then went south in a hurry as investors bolted from high flying tech stocks. At the close the Dow was off 807 at 28,292 on heavy trading volume. The Dow was down 2.7% and the NASDAQ was off 4.9% showing that tech stocks bore the brunt on the selling. We get unemployment data tomorrow which might influence markets with a dose of economic data.
Research shows that since the 1950’s, September has been the riskiest month for investing in stocks. The other risky months are October, November, December, January, February, March…you get the point. Today’s action however might be the culmination of sentiment among gurus that with markets hitting highs they are becoming somewhat detached from the economic reality on the ground as businesses slowly recover in an uneven fashion while unemployment and uncertainty remain high.
The Centers for Dis-ease Control or CDC has notified health officials in all 50 states to begin preparations for distribution of two vaccine candidates dubbed “Vaccine A” and “Vaccine B”. The notifications came with requirements for shipping, storage, mixing and administration and seem to fit the vaccines being worked on by Moderna and the team over at Pfizer/BioNTech. Pfizer has also said it is on track to seek an emergency use approval as early as next month.
Costco reported a nearly 15% rise in August comparable store sales as the chain continues to be the go-to place to shop during the pandemic. Ecommerce sales rose 101% continuing their red hot pace.

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