By the close of trading on Sept. 26, the S&P 500 had hit a new low for the year and the Dow was down more than 20% from its peak in early January, putting it in a bear market for the first time since the COVID-19 pandemic began in 2020. The Dow Jones Industrial Average fell 329.60 points, or 1.11%, to 29,260.81. The NASDAQ fell 65.00 points, or 0.60%, to 10802.92. The S&P 500 fell 38.19 points, or 1.03 percent, to 3,655.04

MACRO

US Markets continued its downward slide, with the Dow officially entering bear market territory

EU Markets extended its losses, with German economic sentiment dropping to 84.3 points, down from 88.6 points in August

Asia Markets were weaker across the board, while the PBoC raised its risk reserve requirement to bolster yuan strength

SECTORS

Gold prices fell to a 2.5 year low on the back of a stronger dollar and rising treasury yields    

WTI Crude Oil tumbled to trade just above $77/barrel at time of writing as recession fears continued to spook demand  

COMPANY

Casino operators like Wynn Resorts & Las Vegas Sands jumped 11% after Macao decided to allow Chinese tour group into casinos  

Chegg climbed 9% after Needham upgraded the company from a hold to a buy, with a target price of $28

LiAuto rose 5.5% after Beijing announced an extension of tax breaks for electric vehicles purchases

EVENTS 

Today’s Earnings:

• Ferguson (FERG.US)
• TD Synnex (SNX.US)
• Jabil(JBL.US)

Economic Calendar (28 September 2022)

• US Fed Daly Speech
• Germany Consumer Confidence (October)

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