Stocks Nosedive in Fear of Continued Pandemic!

By
Mortgage and Lending with The Federal Savings Bank/Lending in 50 states NMLS # 109616

U.S. stock markets are plunging as the week kicks off due in part to fears of a second wave of the coronavirus this fall, political uncertainty along with no stimulus deal yet reached in Congress. The Dow Jones Industrial Average has been down over 800 points in early trading. Several big global banks are being found to move illicit funds or launder money over the course of 20+ years.

The week is short on economic data with just a few housing reports to be released. August Existing Home sales and New Home Sales are set to be delivered. The Treasury will be selling a total of $155B in Notes this week and the added supply could weigh on bond prices. Next week the markets will see the September jobs numbers to gauge if the labor market will continue to improve after extreme low unemployment at the beginning of the year only to see the bottom fall out during the height of the pandemic.

 

U.S. stock plunge. Dow -800 points. Light economic calendar this week.

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