Well many people feared a sell-off once traders returned to their desks in September and that’s exactly what’s happened in this first trading day of the month. The markets have ignored a wealth of positive economic news and headed strongly downwards instead.

It was earlier announced that pending home sales were up 3.2% last month (1.5% better than expected). ISM manufacturing PMI also beat expectations coming in at 52.9. However the Dow Jones is down 164 points to 9332 whilst the S&P 500 is 19 points lower at 1002 and the Nasdaq is 34 points lower at 1934 with around 90 minutes to go until the closing bell.

The European markets fared equally badly as well. The FTSE 100 finished 89 points lower at 4820 whilst the CAC 40 finished 70 points lower at 3583 and the DAX ended the day 137 points lower at 5327.

It will be interesting to see how the rest of the month pans out. We have certainly seen some incredible gains in the quieter summer months, so it would be no surprise if we see some more falls as volumes start to pick up again.

 

 

Filed under: Market News

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