Stocks and bonds declined last week marked by a sharp selloff Friday.
After approximately fifty straight trading days without a 1% gain or loss, the S&P 500 declined 2.5% Friday, closing at 2,127. Selling was triggered in part by the European Central Bank's (ECB) decision to stick with its current monetary policy and not add more stimulus. In addition, Federal Reserve members made comments that were interpreted as signaling greater probability the Fed would hike short-term interest rates later this month.
The ISM non-manufacturing data released was unusually soft at 51.4, the lowest reading since early 2010. Employers are having a difficult time finding skilled workers for their openings and quits are at an all-time high, according to JOLTS data released on Wednesday. A high number of quits is important because it shows confidence in the economy and the workers' ability to find a new job.
Apple (AAPL) hosted a special event on September 7, to announce its new iPhone 7 and Apple Watch 2. The new iPhone has an improved camera, better software, and higher dust and water resistance. General Electric (GE) acquired two 3-D printing firms for $1.4 billion in hopes that it will reduce future product costs and be a part of a fast growing industry. A few companies reported earnings, including Donaldson (DCI) and Casey's General Store (CASY). Donaldson missed estimates slightly, but showed continued strong execution, while Casey's also fell short of expectations because of disappointing store traffic in July.