• The SPY finished down almost 4 percent on the week. This marks a moment for a potential pullback, It's hard to say this is anything but normal when zooming out on a chart of SPY.

  • Sector performance within SPY: Last week left most sectors in the red but Consumer Staple and Real Estate managed to eke out a positive return. Both of these sectors have been beaten down recently.

    

What’s going on in the pond?

• The U.S. labor market was a key focus point for investors last week, with Friday's August nonfarm jobs report being the most highly anticipated data point of the week. Overall, the jobs report confirmed signs of a weakening U.S. labor market

• The S&P 500 is down about 4%, from recent highs but remains higher by more than 13% year to date. Most of this drawdown occurred last week with the SPY being down (-3.61%).

  • The S&P 500, which has now closed lower in four consecutive sessions, posted its biggest weekly loss since March 2023, as did the Dow. The Nasdaq had its worst week since January 2022.

• The yield on 10-year Treasurys, which is tightly correlated to expectations around where interest rates are headed, was at 3.72% late Friday, after falling as low as 3.65% earlier in the day, it's lowest level in more than a year.

• Among stocks on the move Friday, AI investor favorite Nvidia (NVDA) fell 4.1%, leading a broader downturn for mega-cap tech stocks. Alphabet (GOOGL) also dropped 4.1%, while Meta Platforms (META) and Amazon (AMZN) each lost more than 3%. Apple (AAPL) and Microsoft (MSFT) also finished lower.

  • Shares in Broadcom (AVGO) were down more than 10%, leading S&P 500 decliners, after the chipmaking giant reported quarterly results that topped analysts' expectations but issued a revenue outlook that disappointed investors. The iShares semiconductor ETF (SOXX) was down 4.3%.

  • Gold futures were down slightly to around $2,530, while bitcoin fell to near $53,000, its lowest level in a month.

The current numbers shown above reflect data from Thursday, September 5th. The trackInsight data I use currently says there is over $15 trillion in global ETF AUM and only $200 Billion in inflows…. I think the data is wrong, a small glitch maybe. I reached out to have the data rerun. Let’s hope for tomorrow 🤞 

• Check out the ETF Tools Page

• Check out the 100 Latest ETFs issued.

• Check out quantitative leveraged ETF trading at alphaAI

• Check out this Earings tracker Calendar. Find out who is reporting, and when… All in one place.

  • Deeper insight into this week’s earnings, here.

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Please reply and let me know what you’d like to see, anything you think would be useful, or insightful.

Life is rich,

_{- Addison}

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.