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The NYSE on a 5-day losing streak


Markets

Nikkei 225

30,447.37

▲ +65.53 / +0.22%

SSE Composite

3,715.37

▲ +12.26 / +0.33%

IBOVESPA

116,185.92

▲ +1,899.99 / +1.66%

Straits Times

3,074.31

▼ -24.49 / -0.79%

BMV IPC

51,782.11

▲ +260.31 / +0.51%

Dow Jones

34,844.04

▲ +236.32 / +0.68%

DAX 30

15,717.96

▲ +108.15 / +0.69%

BSE SENSEX

58,177.76

▼ -127.31 / -0.22%

FTSE 100

7,067.83

▲ +38.63 / +0.55%

JSE Top 40

58,346.18

▲ +170.43 / +0.29%

Market News

The Nasdaq came close to losing the 15k point mark in a 5-day NYSE losing streak. 

Last Week’s Highlights

NYSE holds five days of losses

Last week’s trading sessions left a negative result in the NYSE for all significant US Indices. At the close of the week, indices like the Dow Jones Industrial Average and the Nasdaq pulled apart from record values set on previous weeks. The leading indicator for the tech industry, the Nasdaq closed the week around 15,115 points, getting dangerously close to losing the 15k mark. Meanwhile, the Dow Jones Industrial Average, arguably the most revealing indicator of the US economy’s state, ended the week exiting the 35k territory by plunging around 270 points during the session. However, as shown by increasing inflation and despite the state of the pandemic, consumer demand remains solid and may be a turning factor shortly. 

New regulations make vaccines mandatory

Until now, the US government has been reluctant to force vaccine mandates on the majority of the population. However, this reluctance has ended, as proven by two executive orders regarding vaccine mandates for American workers. On Thursday, President Joe Biden announced that starting this month, all medium to large employers and Federal Agencies will have an obligation to enact vaccine mandates for their employees to get back to work. Starting now, Employers will also be required to give their staff paid time to get vaccinated and recover from any side effects that may appear. Previous policy changes had forced Federal Agencies to apply a regular testing schedule for unvaccinated employees. Still, following these new regulations, Federal employees who choose to remain unvaccinated may lose their jobs. Experts had foreseen such policy shifts after Pfizer-BioNTech became the first Covid vaccine candidate to receive full approval from the FDA. 

Coming Up This Week

Ford to leave India immediately

American automakers have found it impossible for years to thrive in the Indian market, and Ford has been no exception to the rule. According to the company, despite having invested large amounts of capital in improving their chances in the subcontinent’s market, they only maintain a 1.8% market share. Moreover, they have sustained overall operating losses surpassing $2B. After failed attempts of a joint venture with local producer Mahindra, Ford has decided to lay off its 4000 workers in India and end operations definitively in the shortest possible time. Other automakers such as GM have also left the Indian market for similar reasons, as Asian manufacturers like Suzuki and Hyundai maintain a close grip on India’s auto market. 

Wells Fargo’s $250 million fine

Once again, Federal Regulators ordered Wells Fargo to pay a significant fine of $250 million for failing to compensate clients for their ‘unsafe and unethical practices. These compensations were agreed on with affected clients on a $1B settlement signed in 2018 after regulators found the Bank’s credit practices illegal and damaging for users. The controversy began in 2016 when it was discovered that the bank forced its users to pay unfair fees and opened thousands of fake accounts in their names to profit from service fees. The Office of the Comptroller of the Currency or OCC has taken action after the bank defaulted on promises made on the 2018 settlement. 


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Disclaimer
All market information provided was collected in the afternoon of September 10, 2021. The purpose of NewsFlight is to summarize and make accessible information on a variety of topics within the world of investing and personal finance, and thus cannot be considered formal research or reports. All sources utilized to compile the NewsFlight newsletter are considered trustworthy by the Investium team. Investium Limited is not affiliated with and does not receive remuneration from the news sources used to compile NewsFlight. As well, any images or logos incorporated into the NewsFlight newsletter are not necessarily property of Investium and may solely be included to provide context for the news covered. NewsFlight should not be taken as advice to sell or buy securities or to make any investment. When investing in securities or other financial products, there is always the potential to lose money or asset value. Investium recommends that its users consider their investment objectives and risks before investing. Additionally, any projections or analysis made by authors of NewsFlight cannot be considered as a promise of future trends or returns. Opinions expressed in News Flight are not representative of Investium Limited.

MARKET NEWS

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Disclaimer
All information provided was collected up to the last business day of the previous week of the release of this NewsFlight. The purpose of NewsFlight is to summarize and make accessible information on a variety of topics within the world of investing and personal finance, and thus cannot be considered formal research or reports. All sources utilized to compile the NewsFlight newsletter are considered trustworthy by the FlexInvest team. FlexInvest is not affiliated with and does not receive remuneration from the news sources used to compile NewsFlight. As well, any images or logos incorporated into the NewsFlight newsletter are not necessarily property of FlexInvest and may solely be included to provide context for the news covered. NewsFlight should not be taken as advice to sell or buy securities or to make any investment. When investing in securities or other financial products, there is always the potential to lose money or asset value. FlexInvest recommends that its users consider their investment objectives and risks before investing. Additionally, any projections or analysis made by authors of NewsFlight cannot be considered as a promise of future trends or returns. Opinions expressed in News Flight are not representative of FlexInvest.