The major indexes are closing out a rough stretch

This week was rife with volatility, and many are wondering where the bottom for the U.S. market sits. In addition to the major benchmarks’ fluctuations, treasury yields were all over the place, putting more pressure on the already fragile sentiment on Wall Street.  Things kicked off with the Dow Jones Industrial Average (DJI) falling into bear market territory. On Tuesday, the index wound up logging its sixth-straight daily loss, closing below 29,000 for the first time in two years, while the S&P 500 Index (SPX) followed suit. Though the Dow and S&P 500 managed to turn things around mid-week, the selloff eventually resumed and the Nasdaq Composite (IXIC) was pressured substantially lower,following losses from tech-giant Apple (AAPL). Today marks the end of the week, month, and quarter, and things are looking bleak for the major indexes, which are all poised to turn in big losses for all three timeframes.

Options Services & Stocks to Watch

We offer a variety of options services at Schaeffer’s, and we’d like to take a moment to highlight a few of our most notable trades from the past week. Firstly, subscribers to our Weekly Options Trader service doubled their money in under two weeks by buying our recommended Spotify (SPOT) put. Meanwhile, our Player Series service helped subscribers nab a 213% profit in under a month by following our advice regarding Taiwan Semiconductor (TSM). In addition, our Weekend Trader options recommendation highlights cloud concern Workday (WDAY), which boasts an impressive technical setup at the moment. 

More Headlines, Analyst Calls

There were plenty of corporate updates for investors to sift through this week, including Apple’s (AAPL) plans to ditch new iPhone production, which led to a downgrade from BofA Global Research. Nike (NKE) stock slid following earnings and a dire warning that could have sector-wide implications, while Walt Disney (DIS) was also on investors’ radars as the entertainment staple dealt with the fallout of Hurricane Ian.

In the electric vehicle (EV) sector, Hertz (HTZ) announced a deal with BP (BP) to build a national network of charging stations, while Cantor Fitzgerald initiated coverage on EV name Lucid Group (LCID). Elsewhere, UBS issued a bear note to CSX (CSX) on the deteriorating macro backdrop for the railroad sector, while Planet Fitness (PLNT) was upgraded on its “highly resilient business model.”


The Dow is Back Below 30,000; What Now?

The first week of October will bring a flood of employment data, while the earnings docket features a short list of notable names. In the meantime, check out what it means now that the Dow is trading back below 30,000.

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