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Julie Young
Julie Young
Articles (1498) 

US Indexes Lower Friday and for the Sept. 18 Week

Nasdaq up 20.29% for the year

September 18, 2020 | About:

The Dow Jones Industrial Average closed at 27,657.42 on Friday with a loss of 244.56 points or -0.88%. The S&P 500 closed at 3,319.47 for a loss of 37.54 points or -1.12%. The Nasdaq Composite closed at 10,793.28 for a loss of 116.99 points or -1.07%. The VIX Volatility Index was lower at 25.83 for a loss of 0.63 points or -2.38%.

For the week, the S&P 500 was down 0.7%, the Nasdaq was down 0.6% and the Dow Jones had a return of 0.1%. For the year, the Nasdaq is up 20.29%, the S&P 500 is up 2.74% and the Dow Jones is down 3.09%.

Friday's market movers

The major U.S. indexes ended lower Friday and for the week. Wednesday's Federal Open Market Committee release put a damper on investors' confidence, projecting a low rate environment into 2023, due to challenging economic uncertainty.

Tech stocks fell further with the Nasdaq down a third day. The Nasdaq Biotech Index reported a gain of around 0.5%, rebounding from yesterday's loss following a controversial Congressional testimony from chairman of the Center of Disease Control suggesting Covid-19 vaccines would not be ready until 2021. CNBC reported comments from President Trump stating vaccine production this year and availability for all Americans by April 2021.

Stock highlights for the day included:

  • Adicet Bio (ACET) led gains in the Nasdaq Biotech Index with a return of 32.84%.
  • Tiktok and WeChat apps will be banned from U.S. distribution beginning Sunday night. The Treasury is still reviewing a potential deal for the TikTok business involving Oracle (NYSE:ORCL). Oracle was down 0.7% Friday.
  • Quidel (NASDAQ:QDEL) led gains across the board with a return of 10.87%. Year to date, Quidel is up 152% as investors follow its Covid-19 test kits.
  • Zoom Video Communications (NASDAQ:ZM) gained 6.20% and Tesla (NASDAQ:TSLA) gained 4.42%, both leading in the Nasdaq 100.
  • The S&P 500 financial sector reported a loss of 0.20% with the Fed releasing stress test info and considering buyback and dividend limits through the end of the year.

Economic reports affecting market trading included the following:

  • The second-quarter current account report showed a deficit of $170.5 billion following a deficit of $111.5 billion. The current account is a representation of the U.S.'s global trade activity.
  • The Michigan Consumer Sentiment Index improved to 78.9 in September from 74.1.
  • The Conference Board's Leading Economic Indicators Index increased 1.2% in August following an increase of 2.0%.
  • The Baker Hughes oil rig count showed an increase of one oil rig in the U.S., 12 additions in Canada and four internationally.

Small-cap stocks

In small caps, the Russell 2000 closed at 1,536.78 for a loss of 5.82 points or -0.38%. The S&P 600 closed at 870.57 for a loss of 5.29 points or -0.60%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,723.28 for a loss of 36.54 -0.34%. The Dow Jones U.S. Small-Cap Value Index closed at 7,046.52 for a loss of 81.66 -1.15%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,865.86 for a loss of 22.27 points or -1.18%; the S&P 100 at 1,530.58 for a loss of 17.95 points or -1.16%; the Nasdaq 100 at 10,936.98 for a loss of 143.97 points or -1.30%; the Russell 3000 at 1,945.72 for a loss of 18.88 points or -0.96%; the Russell 1000 at 1,847.98 for a loss of 18.59 points or -1.00%; the Wilshire 5000 at 33,961.50 for a loss of 347.79 points or -1.01%; and the Dow Jones U.S. Select Dividend Index 599.43 for a loss of 7.78 points or -1.28%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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