The Daily Tipple

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Daily Tipple
[Friday, August 30, 2019]

Fri, Aug 30th, 2019

Markets were mixed in a choppy session to end trading for the month of August. Gains in manufacturing, the Chicago PMI (Aug) showed expansion with a 50.4 reading, were offset by a drop in Michigan Consumer Sentiment. Shares opened higher but dropped into negative territory before noon then moved between gains and losses into the close. Investors squared positions ahead of the long holiday weekend when pending U.S. tariffs on China goods are scheduled to kick in. Stocks were higher for the week, the best week since early June, but negative for the month. At the close the S&P 500 was up +1.88 to 2,926.46 and the Dow gained +41.03 to 26,403.28. The tech-heavy Nasdaq Composite slipped -10.51 to 7,962.88 and the Russell 2000 dropped -1.88 to 1,494.84. Major sectors had a positive bias led by Materials and Financials. Consumer Discretionary, Consumer Staples and Communication Services were lower. Crude prices declined; WTI futures finished just off session lows at 55.16 per barrel. Gold fell half a percent to end the session and the week at 1,529.20. Bond yields were modestly lower across the curve. The 10-Year Yield closed at 1.5060% The VIX Index moved up to 18.98.
Markets are closed Monday, September 2 in observance of Labor Day.

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