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Financial updates

Thursday, August 13, 2020 – Equities finished mixed on Thursday, as an impasse in fiscal stimulus negotiations weighed on a better-than-anticipated update on the U.S. labor market. Lawmakers in Washington remain at a stalemate over a fifth coronavirus-relief package, with supplementary funding for the U.S. Postal Service being the latest point of contention. The Dow lost 80 points, while the S&P 500 slipped 0.2%, but still remains within 0.4% of its record high. The Nasdaq Composite bucked the downtrend, rising 0.3%.

On the data front, initial jobless claims fell more than projected to 963,000 from an upwardly revised 1.19 million in the week ending August 8th. The figure also unexpectedly fell below 1 million for the first since the pandemic began in March. Treasuries declined for a fifth straight session, sending yields to eight-week highs following weak demand for a record-sized 30-year bond auction. The yield on the 10-year note added five basis points to 0.71%, while the 30-year bond rate jumped six basis points to 1.42%.

Nine of 11 S&P 500 sectors finished in negative territory. The Energy group led laggards, with WTI crude falling 0.7% to $42.36/barrel after the International Energy Agency downgraded global oil demand expectations. In earnings, Cisco Systems tumbled 11.1% after reporting a decline in revenue year-over-year and providing disappointing forward guidance. Lyft lost 5.1% after reporting a 50% decline in July rides. In other corporate news, AMC Entertainment jumped 14.6% after revealing plans to begin its phased reopening of its U.S. theaters on August 20th. Elsewhere, Apple gained 1.9% amid news the company plans to bundle its digital services at a discounted monthly price.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. ©2019 Wells Fargo Clearing Services, LLC. All rights reserved. CAR# 1018-02987, 0819-00261.

Brought to you by Benjamin J. Chuckrow

Benjamin J. Chuckrow
Senior Vice President – Branch Manager
Wells Fargo Advisors
37 Henry Street, Suite 201
Saratoga Springs, NY 12866
Office 518-581-5049
Fax 518-581-5055
Cell 518-316-3848


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