Last week was not very good for US stocks. The Dow Jones Industrial Average lost 761 points, or 2.2%. It was the largest weekly decline since mid-June. The S&P 500 shed 1.7% on the week, snapping a two-week winning streak. The Nasdaq Composite fell 1.6%, also snapping a two-week run of gains. 


Interesting News:

  • Analysts from top Wall Street banks are worried about possible US stock market correction.  Some of the analysts that have recently raised concerns about incoming correction come from companies such as: Deutsche Bank AG, Goldman Sachs Group Inc., Morgan Stanley, Citigroup Inc. and Bank of America Corp. Read the full article from Bloomberg.
  • Apple’s annual product presentation is happening on 14th of September. It might be a volatile week for APPL since also last week a California judge ruled that Apple must allow developers that distribute apps via its online store to bypass Apple’s payment systems. Apple, which could potentially lose billions of dollars, fell 3.31% on Friday.  However, there were some of the companies that gained on this news. Gainers included videogame companies with exposure to mobile offerings such as: Zynga (ZNGA), Playtika Holding (PLTK), Roblox (RBLX), Activision Blizzard (ATVI), and Electronic Arts (EA).
  • Solar Power Could Generate 44% of U.S. Electricity Needs by 2050. Solar power could generate 37% of the U.S.’s electricity by 2035, and 44% of its power by 2050, if the U.S. was willing to cut its dependence on fossil fuels and accelerate its use of solar power from the current 3%, the Energy Department said Wednesday. The U.S. is expected to install 26 gigawatts of new solar this year, which could grow to 33 gigawatts by 2023. Some U.S. companies that could benefit according to Barron’s are: First Solar (FSLR), SolarCity, and Sunrun (RUN). Invesco Solar ETF (TAN) which tracks performance of companies with exposure to solar energy is down around 20.61% year to date.
  • Ford is getting serious about electric cars. Ford Motor hired Doug Field, an Apple executive in charge of the tech company’s secret car project as well as a former Tesla engineer, to help boost the Detroit auto maker’s next-generation technology. Ford recently debuted the Mustang Mach-E crossover and the F-150 Lightning pickup truck, for which the company recently said it has racked up more than 130,000 orders.  Ford Motor company stock is up almost 49% year to date.


The Calendar:

Economic-data releases this week will include: the August consumer-price index from the Bureau of Labor Statistics. Which will be out on Tuesday. Also Tuesday, the National Federation of Independent Business will release its small business optimism index for August and, on Friday, the University of Michigan publishes its consumer sentiment index for September. Finally, the Census Bureau reports retail-sales data for August on Thursday.


Anticipated Earnings This week: 

  • Monday, September 13th: Oracle (ORCL).
  • Tuesday, September 14th: FuelCell Energy (FCEL).
  • Wednesday, September 15th: JinkoSolar (JKS).
  • Thursday, September 16th: Trip.com (TCOM).
  • Friday, September 17th: Manchester United (MANU).

IPO’s This week:

IPO market is starting to heat up again with Dutch Bros (BROS), Sportradar Group (SRAD), Definitive Healthcare Corp. (DH), Thoughtworks Holding (TWKS), On Holding (ONON), PROCEPT BioRobotics Corp. (PRCT) and ForgeRock (FORG) all set due to debut. Software consultancy firm Thoughtworks Holding could trade with the highest market cap of the group, with the Siemens-backed company aiming for a valuation of over $6B in the U.S.