US equity indexes closed significantly lower, sp -36pts (1.2%) at 2940. Nasdaq comp' -1.1%. Dow -1.3% The two leaders - Trans/R2K, settled -2.4% and -2.0% respectively.
sp'daily5
VIX'daily3
Summary
US equities opened on a moderately positive note, with the SPX printing an early high of 2992. However, the ISM manufacturing print of 47.8, was well below the recessionary threshold of 50.0. All aspects of the capital markets were rattled, with a rather powerful downside reversal, with an afternoon low of 2939.
Meanwhile, after a record nine days (no doubt busy with 'other things')...
Many recognise that the US President has his chosen scapegoat for any bad econ-data or equity downside, that might appear between now and the Nov'2020 election.
Volatility saw an early low of 15.79, but spiked, with the VIX settling +14.3% at 18.56. S/t outlook offers the sp'2920s with VIX 19/20s.
Good news for traders/investors
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| The Santolli of CNBC |
Charles Schwab will end commissions from next Monday, Oct'7th. The only minor annoyance is they are keeping a 65cent charge for each option contract. More broadly though, today was very good news.
Robinhood have clearly pressured the mainstream brokerages to proceed towards zero. The irony is that today's Schwab decision will cause some problems for the looming Robinhood IPO. I'd not be surprised if they even cancel it.
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London saw a day of fierce showers, with lightning bolts and localised floods. With no sunset or moon shots, here is something....
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| Sunrise, NYC. Home Alone'2 (1992). |
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