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Markets Drop for Second Week:  NASDAQ into Correction Territory; Dow Negative for the Year Thumbnail

Markets Drop for Second Week: NASDAQ into Correction Territory; Dow Negative for the Year

The stock markets fell last week as the Dow (-1.6%), NASDAQ (-4.1%), and S&P 500 (-2.5%) dropped for the second straight week.  The markets were led downward by the tech giants, and sent the NASDAQ into correction territory (defined as a drop of >10%) only 8 days after hitting its all time high.  Meanwhile, the Dow slipped into negative territory again for the year, and is now down 1.8% YTD.  Taxable bonds were up slightly, about 0.1% - 0.2%, while muni bonds were down about the same amount.

 

The markets look to be starting this week off on a positive note, as futures are up over 1% in pre-market trading.  Positive projections were also made by JP Morgan and Goldman Sachs that 2021 would provide strong earnings by the S&P 500, surpassing the earnings we saw in 2019.  However, both firms also commented that those earnings projections relied upon there being a vaccine, and they also both noted that the largest risk in the markets right now is the election, suggesting that a Democratic sweep could result in tax reform that could derail those optimistic profit projections.





NEITHER VOYA FINANCIAL ADVISORS NOR ITS REPRESENTATIVES OFFER TAX OR LEGAL ADVICE.  PLEASE CONSULT WITH YOUR TAX AND LEGAL ADVISORS REGARDING YOUR INDIVIDUAL SITUATION.   INVESTMENT ADVISOR REPRESENTATIVE AND REGISTERED REPRESENTATIVE OF, AND SECURITIES AND INVESTMENT ADVISORY SERVICES OFFERED THROUGH VOYA FINANCIAL ADVISORS, INC. (MEMBER SIPC.) MENNINGER & ASSOCIATES, INC. IS NOT A SUBSIDIARY OF NOR CONTROLLED BY VOYA FINANCIAL ADVISORS, INC.  CN1330768_0922


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