S&P 500’s worst month since March 2020 | House passes funding bill

S&P 500’s worst month since March 2020 | House passes funding bill | Fourth-quarter stock picks

THU, SEP 30, 2021

EVENING BRIEF

AS OF THU, SEP 30, 2021 • 05:15 ET

DJIA		33843.92
		-1.59%	-546.80

S&P 500		4307.54
		-1.19%	-51.92

NASDAQ		14448.58
		-0.44%	-63.86

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	141.50	-1.33	-0.93%
MSFT	281.92	-2.08	-0.73%
INTC	53.28	-0.21	-0.39%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	141.50	-1.33	-0.93%
F	14.16	-0.14	-0.98%
AMD	102.90	+2.55	+2.54%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	141.50	-1.33	-0.93%
AMD	102.90	+2.55	+2.54%
MSFT	281.92	-2.08	-0.73%

EDITOR'S NOTE

The S&P 500 snapped a long winning streak in September and posted its worst month since March 2020 as concerns about supply chains, inflation and the Chinese property market rattled stocks.

Big picture, however, the market drawdown doesn't seem quite so dramatic. The S&P 500 is still up solidly for the year.

Additionally, this rocky month doesn't mean that stocks are going to be below record levels for long, David Katz of Matrix Asset Advisors said on CNBC's "The Exchange."

"There have been 34 corrections of greater than 5% since 1993, and the critical point is on 31 of them — which were the lighter corrections — you fully got back to your highs within two or three months. So we think that's going to be the case this time, and what that means is you want to be buying on days like today," Katz said.

That near-term optimism can be especially true when the dip comes after a big winning streak, LPL Financial chief market strategist Ryan Detrick said in a note on Thursday.

"September in the red, ending an incredible seven-month win streak. As we noted last month, these long win streaks actually tend to be quite bullish for future returns, with the S&P 500 higher six months later 13 out of 14 times. Yes, stocks were down some in September, but this still bodes well for the near term," the note said.