Stocks and Securities

Stocks opened the holiday-shortened week on a modestly lower note, pulling back from last week’s record highs secondary to continued uncertainty over US and Canada trade relations. The S&P 500 finished with a loss of 0.2%, but did close in the upper half of its daily range. Meanwhile, the Dow lost 0.1%, and the Nasdaq lost 0.2%.

Trade talks between the US and Canada are set to resume on Wednesday after the two sides failed to reach an agreement to replace NAFTA on Friday. The negotiations looked promising early last week, but appear to have soured since, with President Trump tweeting over the weekend that there’s “no political necessity to keep Canada in the new NAFTA deal.”

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That tweet gave an extra boost to the bears on Tuesday as eight of the eleven sectors closed in the negative territory. The top-weighted technology sector finished in the red as well closing -0.3% as the social media giant Facebook (FB) dropped 2.6% following a downgrade at MoffetNathanson and ahead of Wednesday’s appearance on Capitol Hill. Facebook (FB) will attempt to answer questions regarding political censorship and Russian propaganda.

Meanwhile, in the consumer discretionary sector, Nike (NKE) fell 3.2% after the athletic shoe and apparel maker unveiled an ad for the 30th anniversary of its “Just Do It” slogan that features Colin Kaepernick, the former NFL QB, who is credited with starting the controversial national anthem protests.

However, the consumer discretionary’s largest component, Amazon(AMZN), became just the second US company to achieve a market cap of $1 trillion, only to close with a market cap of $995 billion by the close.

 

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Away from equities, crude oil went on a wild ride on Tuesday, going from +2.3% to -1.0% before settling with a loss of 0.3% at a price of $69.82/bbl. The volatility came as investors tried to gauge the impact of Tropical Storm Gordon, which is expected to make landfall on the Gulf Coast tonight, possibly as a hurricane.

 

What are the best stocks to buy in this market?

 

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Stocks on the Radar

Regarding potential ETF plays from our ETF ALPHA segment, last week we had the notables UWT (+4%) and LABU (+6%). Look at this weeks take on the ETFs we follow.

Furthermore, we encourage our readers to look at our most recent article titled “New Frontiers in Genomic Medicine” as we highlighted Bluebird BioInc. (BLUE) as our next long-term investment opportunity.

Lastly, take time to read our “Best stocks to Buy in September”, as we highlighted four of our picks for this month.