{"id":293370,"date":"2020-09-04T04:13:47","date_gmt":"2020-09-03T18:13:47","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/week-summary-september-starts-with-a-tech-sell-off\/"},"modified":"2021-02-19T12:13:27","modified_gmt":"2021-02-19T01:13:27","slug":"week-summary-september-starts-with-a-tech-sell-off","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/weekly-summaries\/week-summary-september-starts-with-a-tech-sell-off\/","title":{"rendered":"Week Summary &#8211; September Starts with a Tech Sell-Off"},"content":{"rendered":"<p><strong>By Deepta Bolaky<\/strong><br \/>\n<img style=\"float: left; width: 20px; padding-top: 4px;\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/08\/twitter.png\" \/>\u00a0<a href=\"https:\/\/twitter.com\/DeeptaGOMarkets\">@DeeptaGOMarkets<\/a><\/p>\n<p><span style=\"font-weight: 400;\">It was another volatile week with wild swings in the stock market. Investors remain focused on vaccine updates and signals from central banks and governments while monitoring the improvement in the economic data.\u00a0<\/span><\/p>\n<h4><b>Stock Market &#8211; Tech Sell-off<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Global stocks have been on a staggering <\/span><a href=\"https:\/\/www.gomarkets.com\/au\/weekly-summaries\/august-wrap-up-global-equities-on-a-rally-2\/\"><span style=\"font-weight: 400;\">rally in August<\/span><\/a><span style=\"font-weight: 400;\">. The global benchmark for stocks had its best August on record. Investors digested a lot of positive and negative news that have caused swings in the stock market but overall, the momentum has been bullish.<\/span><\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-258409\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/1-1-300x187.png\" alt=\"\" width=\"700\" height=\"436\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/1-1-300x187.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/1-1.png 525w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><br \/>\n<b>Source: Bloomberg<\/b><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The outperformance and resilience of the technology sector had also been remarkable in August. We have seen new milestone for the US mega-cap tech stocks:<\/span><\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-258424\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/2-1-300x237.png\" alt=\"\" width=\"700\" height=\"553\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/2-1-300x237.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/2-1.png 560w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><br \/>\n<b>Source: Bloomberg<\/b><\/p>\n<p><span style=\"font-weight: 400;\">September kicked off on a mixed note &#8211; global stocks struggled to advance firmly higher and pulled from recent highs. On Thursday, a sell-off in the tech sector triggered a bloodbath on Wall Street &#8211; major US equities indices plunged the most in almost 3 months:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Dow Jones Industrial Average lost 808 points or 2.8% to 28,293.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">S&amp;P 500 erased 126 points or 3.5% to 3,455.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Nasdaq Composite fell by 598 points or 5% to 11,458.<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-258439\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/3-300x185.jpg\" alt=\"\" width=\"700\" height=\"431\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/3-300x185.jpg 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/3-768x472.jpg 768w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/3-600x369.jpg 600w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/3.jpg 878w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><br \/>\n<strong>\u00a0<\/strong><b>Source: Bloomberg<\/b><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A correction following the speed of such a rally was bound to happen as the market was overbought. However, it may be too soon to confirm if yesterday\u2019s sell-off is the start of something. Investors will likely keep monitoring the economic outlook.\u00a0<\/span><\/p>\n<h4><b>Forex Market<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In the forex market, the US dollar regained momentum against the G10 currencies on the back of better-than-expected economic data that show some improvement in the manufacturing sector, factory orders, and labour market.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Aussie dollar and the Euro were among the worst-performing currencies against the greenback. The Antipodean currency bore the brunt of the biggest fall in GDP on record. The shared currency was underpinned by the ECB\u2019s lane speech and dismal data.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><img loading=\"lazy\" class=\"alignnone wp-image-258454\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/4-300x120.png\" alt=\"\" width=\"700\" height=\"280\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/4-300x120.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/4.png 553w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/span><\/p>\n<p style=\"font-weight: 400;\"><b>Source: Bloomberg Terminal<\/b><\/p>\n<h5 style=\"font-weight: 400;\"><b>United States:\u00a0<\/b><\/h5>\n<p><b>ISM Manufacturing PMI<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">The August PMI registered 56 percent, up 1.8 percentage points from the July reading of 54.2 percent. This figure <\/span><b>indicates expansion in the overall economy for the fourth month<\/b><span style=\"font-weight: 400;\"> in a row after a contraction in April, which ended a period of 131 consecutive months of growth.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The New Orders Index registered 67.6 percent, an increase of 6.1 percentage points from the July reading of 61.5 percent.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Production Index registered 63.3 percent, up 1.2 percentage points compared to the July reading of 62.1 percent.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Employment Index registered 46.4 percent, an increase of 2.1 percentage points from the July reading of 44.3 percent.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Prices Index registered 59.5 percent, up 6.3 percentage points compared to the July reading of 53.2 percent.<\/span><\/li>\n<\/ul>\n<p><b>Markit Services PMI<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The services industry has the strongest expansion in business activity since March 2019 as output rose at the sharpest rate for nearly one and a half years.\u00a0<\/span><\/p>\n<p><b>Factory Orders<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">New orders for manufactured goods in July, up three consecutive months, increased $27.8 billion or 6.4 percent to $466.1 billion, the U.S. Census Bureau reported today. This followed a 6.4 percent June increase.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Shipments, also up three consecutive months, increased $21.3 billion or 4.6 percent to $479.5 billion. This followed a 10.0 percent June increase.<\/span><\/li>\n<\/ul>\n<p><b>Jobless Claims<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Jobless Claims report was quite encouraging.<\/span> <i><span style=\"font-weight: 400;\">In the week ending August 29, the advance figure for seasonally adjusted initial claims was 881,000, a decrease of 130,000 from the previous week&#8217;s revised level.\u00a0<\/span><\/i><\/p>\n<h5><b>Australia:<\/b><\/h5>\n<p><b>Reserve Bank of Australia<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The RBA kept the interest rate unchanged at 0.25% as widely expected. By keeping interest rates on hold, the RBA has signalled that the economic conditions have not worsened which provides some confidence.\u00a0<\/span><\/p>\n<p><b>GDP &#8211; Australia officially in a recession<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Australian economy is officially in a recession after the ABS reported that the GDP for the June quarter fell by 7%, the biggest drop since records began in 1959.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400;\"><strong><img loading=\"lazy\" class=\"alignnone wp-image-258469\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/5-300x197.jpg\" alt=\"\" width=\"700\" height=\"459\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/5-300x197.jpg 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/5-600x394.jpg 600w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/5.jpg 646w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/>\u00a0<\/strong><\/p>\n<p><b>Source: Australian Bureau of Statistics<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The fall in GDP was mostly caused by the contraction in household consumption due to the related COVID-19 lockdown restrictions.<\/span><\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-258484\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/6-300x182.jpg\" alt=\"\" width=\"700\" height=\"424\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/6-300x182.jpg 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/6-600x364.jpg 600w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/6.jpg 670w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p style=\"font-weight: 400;\"><strong>\u00a0<\/strong><\/p>\n<p><b>Source: Australian Bureau of Statistics<\/b><\/p>\n<p><b>Retail Sales<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The final figure for July Retail Sales was slightly below expectations at 3.2% instead of the forecasted 3.3%.<\/span><\/p>\n<h5><b>China:<\/b><\/h5>\n<p><b>Manufacturing and Non-Manufacturing PMI<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Non-Manufacturing PMI came above expectations at 55.2 while NBS Manufacturing came at 51 just below July 51.1. However, the data shows that the manufacturing sector remains in expansionary level after many feared that it would contract.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">China Caixin Manufacturing PMI came in at 53.1, above expectations (52.6) in August.<\/span><\/li>\n<\/ul>\n<h5><b>Germany &amp; Eurozone:\u00a0<\/b><\/h5>\n<p><b>Germany\u2019s Retail Sales<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">-0.9% on the previous month (in real terms, calendar and seasonally adjusted, provisional)<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">-0.3% on the previous month (in nominal terms, calendar and seasonally adjusted, provisional)<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">+4.2% on the same month a year earlier (in real terms, provisional)<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">+5.6% on the same month a year earlier (in nominal terms, provisional)<\/span><\/li>\n<\/ul>\n<p><b>EZ Retail Sales<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Retail Sales increased by only 0.4% in July compared to a forecasted figure of 3.5%.<\/span><\/p>\n<p><b>Manufacturing PMI<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">Markit Manufacturing PMI came in at 52.2, below expectations (53) in August.\u00a0<\/span><\/i><\/p>\n<h4><b>Oil Market <\/b><b><\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Crude oil prices fell the most in over a month this week over fears on the demand outlook. Larger-than-expected draw reported by the EIA and API failed to lift crude oil prices as it coincided with the decrease in output production related to Hurricane Laura. As of writing, WTI Crude oil (Nymex) and Brent Crude (ICE) were trading lower around $40.92 and $43.62 respectively.\u00a0<\/span><\/p>\n<h4><b>Gold<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The precious metal remained under selling pressure this week. The sell-off in the tech sector failed to lift the XAUUSD pair which is trading in a downtrend. As of writing, the pair was currently trading at around $1,938.<\/span><\/p>\n<h4><img loading=\"lazy\" class=\"alignnone wp-image-258394\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/7-300x133.png\" alt=\"\" width=\"700\" height=\"311\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/7-300x133.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/7-1024x455.png 1024w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/7-768x341.png 768w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/7-600x267.png 600w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/7.png 1148w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/h4>\n<p><b>Source: Bloomberg<\/b><\/p>\n<h4><b>Key Upcoming Events<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Retail Sales (Australia)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Factory Orders (Germany)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">BoE&#8217;s Saunders Speech (UK)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Nonfarm Payrolls, Average Hourly Earnings, Labor Force Participation Rate and U6 Underemployment Rate and Unemployment Rate (US)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Unemployment, Participation Rate, Average Hourly Wages, Net Change in Employment, and Ivey Purchasing Managers Index\u00a0 (Canada)<\/span><\/li>\n<\/ul>\n<p style=\"font-weight: 400;\"><strong>By Deepta Bolaky<\/strong><\/p>\n<p><img style=\"float: left; width: 20px; padding-top: 4px;\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/08\/twitter.png\" \/>\u00a0<a href=\"https:\/\/twitter.com\/DeeptaGOMarkets\">@DeeptaGOMarkets<\/a><a id=\"dividends\"><\/a><\/p>\n<table style=\"height: 171px;\" border=\"1\">\n<tbody>\n<tr style=\"height: 75px;\">\n<td style=\"text-align: center; width: 728px; height: 75px;\" colspan=\"7\"><strong>Monday, 07 September 2020<\/strong><strong style=\"font-family: inherit; font-size: inherit;\">\u00a0<\/strong><strong><br \/>\n<\/strong>Indicative Index Dividends<br \/>\n<em><sup>Dividends are in Points<\/sup><\/em><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>ASX200<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>WS30<\/strong><\/td>\n<td style=\"width: 103px; height: 24px;\" width=\"100\"><strong>US500<\/strong><\/td>\n<td style=\"width: 101px; height: 24px;\" width=\"100\"><strong>US2000<\/strong><\/td>\n<td style=\"width: 108px; height: 24px;\" width=\"100\"><strong>NDX100<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>CAC40<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>STOXX50<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 104px; height: 24px;\" width=\"100\">2.442<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 103px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 101px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 108px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">1.098<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>ESP35<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>ITA40<\/strong><\/td>\n<td style=\"width: 103px; height: 24px;\" width=\"100\"><strong>FTSE100<\/strong><\/td>\n<td style=\"width: 101px; height: 24px;\" width=\"100\"><strong>DAX30<\/strong><\/td>\n<td style=\"width: 108px; height: 24px;\" width=\"100\"><strong>HK50<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>JP225<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>INDIA50<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 103px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 101px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 108px; height: 24px;\" width=\"100\">22.214<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/www.gomarkets.com\/forex-education-courses\/\" target=\"_blank\" rel=\"noopener noreferrer\"><br \/>\n<img src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2019\/02\/Next-Steps-Blog-Bottom-Banner.jpg\" \/><\/a><\/p>\n<p style=\"font-weight: 400;\"><em>Disclaimer:\u00a0\u00a0The articles are from GO Markets analysts, \u00a0based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own; \u00a0should not be taken as either representative of or shared by GO Markets. \u00a0Advice (if any), \u00a0are of a \u2018general\u2019 nature and not based on your personal objectives, financial situation or needs.\u00a0 You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice. \u00a0If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Deepta Bolaky \u00a0@DeeptaGOMarkets It was another volatile week with wild swings in the stock market. Investors remain focused on vaccine updates and signals from central banks and governments while monitoring the improvement in the economic data.\u00a0 Stock Market &#8211; Tech Sell-off Global stocks have been on a staggering rally in August. The global benchmark [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[129,128],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Week Summary - September Starts with a Tech Sell-Off - GO Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/weekly-summaries\/week-summary-september-starts-with-a-tech-sell-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Week Summary - September Starts with a Tech Sell-Off - GO Markets\" \/>\n<meta property=\"og:description\" content=\"By Deepta Bolaky \u00a0@DeeptaGOMarkets It was another volatile week with wild swings in the stock market. Investors remain focused on vaccine updates and signals from central banks and governments while monitoring the improvement in the economic data.\u00a0 Stock Market &#8211; Tech Sell-off Global stocks have been on a staggering rally in August. 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