Your Weekly Blip 9/18/20

Your Weekly Blip 9/18/20

Tech stocks continued to lead on the downside as the Dow finished the day down 0.88% while the tech heavy NASDAQ fell 1.07%. Markets appear to be suffering a bout of profit taking as the strong run off the bottom in March is giving way to election day jitters. At the close the Dow was off 244 at 27,657. Trading volume was higher which was largely due to options expirations. IBD continues to show the market rally as not dead but clearly under pressure. For the week the Dow was slightly negative as it finished within a few points of where it closed last week.
Both Yelp and the National Restaurant Association released data on business closures due to the pandemic. The NRA reported that roughly 100,000 restaurants have closed either permanently or under a long term deal. Estimates show the entire sector is on track to lose $240 billion in sales this year. Yelp presented data revealing that of all the businesses that closed during the lockdown, 60% of them will never reopen. Sad stuff!
The National Transportation Safety Board or NTSB, an independent board that has been critical of the FAA’s oversight of Boeing said yesterday that work done by Boeing to correct problems with the 737 Max has been positive. These comments are significant and could speed the process of getting the FAA flight ban lifted on the aircraft which is currently expected to happen toward the end of this year.