Stock market update
Investors are adjusting to the fact that September is historically a rocky month for stocks. And that may be especially true after this week’s gyrations that started with last week’s U.S. court ruling against most tariffs imposed this year and continued concerns about global growth and trade.
Wayfair (W) fell 7% premarket after a Reuters report said the company could face new tariffs on furniture imports. Other furniture firms such as RH and Williams-Sonoma sank as well. Magnificent Seven stocks were mostly higher in premarket, led by Amazon (AMZN) and Nvidia (NVDA).
Energy, consumer staples and utilities are the best-performing sectors while industrials and real estate are laggards as bond yields rise. Earnings season continues tomorrow with Macy’s (M) and J.Jill reporting in the morning and Hewlett Packard Enterprise and Salesforce (CRM) due after the close.