- The Dollar Index, which measures the dollar against 16 currencies, is up more than 16% so far this year. The dollar also had its best quarterly performance since 2016.
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The stock market has sustained deep losses this year as the Federal Reserve raises interest rates. The S&P 500, Dow Jones, and Nasdaq all recorded their worst first nine months of a calendar year since 2002 and have fallen for three consecutive quarters.
- The S&P 500 has seen a September decline of 7% or more 11 times, according to data going back to 1928. During these times the S&P 500 rose an average 0.53% in the following October.
- Some wonder if the real estate market is poised to fall as it did during the Great Financial Crisis. However, analysts point out that in 2007, 26% of mortgage originations went to people with credit scores below 660. However, that number is closer to 5% today.
WSJ- "For Corporate America, Strong U.S. Dollar Cuts Both Ways"
WSJ- "Stocks Finish a Losing Week, Month and Quarter"
Barrons- "Stocks Just Suffered Their Worst September Since 2002. What That Means for October."
The Irrelevant Investor- "This is Not 2008"
Economic Calendar
Monday:
S&P U.S. manufacturing PMI (final) (Sep), ISM manufacturing index (Sep), Construction spending (Aug), Motor vehicle sales (SAAR) (Sep), New York Fed President John Williams speaks
Tuesday:
Cleveland Fed President Loretta Mester speaks on payment system, Job openings (Aug), Quits (Aug), Factory orders (Aug), Core capital goods orders revision (Aug), Fed Gov. Philip Jefferson delivers first speech as governor, San Francisco Fed President Mary Daly speaks to Council on Foreign Relations
Wednesday:
ADP employment report (Sep),International trade balance (Aug), S&P services PMI (final) (Sep), ISM services index (Sep), Atlanta Fed President Raphael Bostic speaks
Thursday:
Initial jobless claims (Oct), Continuing jobless claims (Sep), Cleveland Fed President Loretta Mester speaks, Fed Gov. Lisa Cook delivers first speech as governor, Cleveland Fed President Loretta Mester speaks
Friday:
Nonfarm payrolls (monthly change) (Sep), Unemployment rate (Sep), Average hourly earnings (Sep), Labor force participation rate, ages 25-54 (Sep), New York Fed President John Williams speaks, Wholesale inventories revision (Aug), Minneapolis Fed President Neel Kashkari speaks, Consumer credit (Aug), Fed Gov. Christopher Waller speaks
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