Money Talk Podcast

Landaas & Company newsletter  February edition now available.

Advisors on This Week’s Show

Kyle Tetting

Dave Sandstrom

Mike Hoelzl

(with Max Hoelzl and Joel Dresang, engineered by Kevin Lofy)

Week in Review (Feb. 6-10, 2023)

Significant Economic Indicators & Reports

Monday

No major releases

Tuesday

The U.S. trade deficit expanded to a record $948 billion in 2022, 12% wider than in 2021, the Bureau of Economic Analysis reported. In December alone, the gap grew more than 10% as exports shrank, led by declines of industrial materials and consumer goods. Imports rose in December, with U.S. consumers buying more imported automobiles and cell phones. As a share of the overall economy, the trade deficit was 3.7% of gross domestic product in 2022, up from 3.6% in 2021.

In another sign that economic growth may be slowing, the Federal Reserve reported a lower increase in consumer credit card debt outstanding in December. So-called revolving debt rose at a 7.3% annual rate in December, down from nearly 16% in November and the slowest in 17 months. The pace of consumer credit debt overall – including student loans and automotive financing – rose 2.9% in December. With consumer spending driving about two-thirds of the gross domestic product, credit card debt can be considered a gauge of spending confidence. The level in December was $96 billion or 9% above its pre-pandemic peak.

Wednesday

No major releases

Thursday

The four-week moving average for initial unemployment claims declined for the ninth week in a row, reaching the lowest level since April. Data from the Labor Department showed the latest four-week average was 49% below the all-time average, dating back to 1967. As an early measure of layoff trends, new jobless claims have suggested employers’ reluctance to let workers go in a tight labor market. Total claims rose 2.7% from the week before to 1.9 million, which was 13% lower than the year before and less than one-tenth the total at the same time in 2021.

Friday

The University of Michigan said consumer sentiment edged up from January as well as the year before, but overall it was 22% below its average since 1978. Short-term inflation continued to worry consumers as well as a concern that higher unemployment may lie ahead. University researchers said their survey results suggest consumers will be cautious in coming months.

MARKET CLOSINGS FOR THE WEEK

Nasdaq – 11718, down 289 points or 2.4%

Standard & Poor’s 500 – 4090, down 46 points or 1.1%

Dow Jones Industrial – 33869, down 57 points or  0.2%

10-year U.S. Treasury Note – 3.74%, up 0.21 point

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Landaas & Company newsletter  February edition now available. Advisors on This Week’s Show Kyle Tetting Steve Giles Paige Radke (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 30-Feb. 3, 2023) Significant Economic Indicators & Reports Monday No major reports Tuesday In the face of rising mortgage rates and a slowing economy, […]

Landaas & Company newsletter  January edition now available.

Advisors on This Week’s Show

Kyle Tetting

Dave Sandstrom

Tom Pappenfus

(with Jason Scuglik and Joel Dresang)

Week in Review (Jan. 23-27, 2023)

SIGNIFICANT ECONOMIC INDICATORS & REPORTS

Monday

The Conference Board said its index of leading economic indicators declined again in December, further signaling a near-term recession. The business research group said its gauge fell 1% from November, following a 1.1% drop from October. Over the last half of 2022, the index fell 4.2%, steepening from a 1.9% decline in the first six months of the year. Although measures of employment and personal income appeared “robust,” the group said, weakness in manufacturing, housing construction and financial markets suggest recession. The Conference Board forecast a revival in the economy toward the end of the year.

Tuesday

No major releases

Wednesday

No major releases

Thursday

The Commerce Department reported durable goods orders rose 5.6% in December for the fourth gain in five months. A surge in aircraft orders – both commercial and military – boosted the manufacturing indicator after it declined 1.1% in November. Excluding volatile transportation equipment, orders declined slightly in December for the second time in four months. Compared to December 2021, orders for long-lasting factory goods rose more than 10%. Excluding transportation equipment, demand rose 6% from the year before. A proxy for business investment gained 8% from December 2021.

The U.S. economy rose at an annual pace of 2.9% in the fourth quarter, down from a 3.2% rate in the previous three months. The Bureau of Economic Analysis cited consumer spending, business inventories and commercial investments in intellectual property among the contributors to the boost in gross domestic product. After setbacks in the first two quarters of 2022, GDP rose 1% from the year before, adjusted for inflation. The Federal Reserve Board’s favorite measure of inflation, the personal consumption expenditures index, rose 5.5% from the year before, the lowest in five quarters. The core PCE, excluding food and energy prices, was up 4.7% from the end of 2021, its slowest rate in a year.

The four-week moving average for initial unemployment claims fell for the seventh week in a row to its lowest level since early May. The average was 46% below the all-time average dating back to 1967. The Labor Department 1.9 million Americans claimed jobless benefits in the latest week, down from 2.3 million the year before and 19 million and the same time in 2021.

The Commerce Department reported a 2.3% gain in the annual rate of new home sales in December. Despite the increase, sales were down 27% from the year before and 11% below where they were just before the pandemic. The median sales price rose 8% from the year before to $442,100. In 2022, 41% of new homes were sold at $500,000 or more, compared to 30% in 2021.

Friday

The Bureau of Economic Analysis said consumer spending fell 0.2% in December, the second consecutive slowdown for a chief measure of economic growth. The decline was 0.3% when adjusted for inflation and suggest individuals have been giving pause to spending amid high inflation and rising interest rates. Consumer spending accounts for about two-thirds of GDP. The personal saving rate rose for the third month in a row. The personal consumption expenditures index, which the Fed follows for inflation, rose 5% from December 2021, the slightest incline in 15 months. The rate remained far above the long-range Fed target of 2% inflation, but it was down from 7% in June, a 40-year high.

Though it stayed near a record low, consumer sentiment improved in January for the second month in a row. The longstanding survey-based index from the University of Michigan  showed attitudes toward current conditions getting a big boost from perceptions of strong incomes and easing inflation. Expectations for inflation fell for the fourth month in a row. A university economist warned that consumer sentiment – considered a precursor for consumer spending – suffered measurably during debt ceiling dust-ups in Congress in 2013 and 2011.

The National Association of Realtors said its index of pending home sales rose in December for the first time in seven months. The trade group said a recent decline in mortgage rates helped stabilize the market and the low point in sales activity has likely passed. The index rose 2.5% from its November reading but was down 34% from the year before. The Realtors said steady job gains should drive housing sales with conventional mortgage rates hovering  between 5.5% and 6.5%.

MARKET CLOSINGS FOR THE WEEK

Nasdaq – 11622, up 481 points or 4.3%

Standard & Poor’s 500 – 4071, up 98 points or 2.5%

Dow Jones Industrial – 33978, up 603 points or  1.8%

10-year U.S. Treasury Note – 3.52%, up 0.04 point

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Landaas & Company newsletter  January edition now available. Advisors on This Week’s Show Kyle Tetting Adam Baley Paige Radke (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 16-20, 2023) Significant Economic Indicators & Reports Monday Markets closed in observance of Martin Luther King Jr. Day Tuesday No major announcements Wednesday In […]

Landaas & Company newsletter  January edition now available.

Advisors on This Week’s Show

Kyle Tetting

Dave Sandstrom

Paige Radke

(with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik)

Week in Review (Jan. 9-13, 2023)

Significant Economic Indicators & Reports

Monday

Credit card debt rose to a record $1.18 trillion in November, a sign that consumers remain confident spending amid rising interest rates and decades-high inflation. The Federal Reserve Board reported that overall consumer credit outstanding, including vehicle financing and student loans, rose at an annual rate of 7.1% from October. Revolving credit card debt rose at a 16.9% annual pace, up from 10.3% in October and 8.2% in September. Consumer spending drives about 70% of U.S. economic activity and has been expected to slow as the Fed tries to tamp down inflation.

Tuesday

No major announcements

Wednesday

No major announcements

Thursday

The broadest measure of inflation showed prices rising at the slowest annual pace since October 2021. The Consumer Price Index rose 6.5% in the 12 months since December 2021. Down for the sixth month in a row since reaching a 40-year high of 9% in June, the rate is still well above the Fed’s long-range target of 2%. Lower prices for gasoline and airline travel helped slow both the one-year and one-month inflation rates overall, but they offset increased costs for food and shelter. The core CPI, which excludes volatile prices for food and energy, rose 5.7% from December 2021, the lowest in a year.

The four-week moving average for initial unemployment claims fell for the fifth week in a row, staying 42% below the long-term average and hitting its lowest point since mid-October. The Labor Department said 1.7 million Americans claimed jobless benefits the week after Christmas, up 8% from the week before but down from 2.1 million the year before, vs. 19.4 million the year before that.

Friday

A preliminary January reading of consumer sentiment suggested attitudes continuing to brighten, though they’re still historically low. The University of Michigan said its longstanding index rose to 64.6 mid-month, up from 59.7 in December and down from 67.2 in January 2022. The survey-based index showed improvements both in expectations and in assessments of current conditions. Sentiment toward personal finances was the highest in eight months amid rising incomes and lower inflation. Expectations for inflation eased a bit but remained fraught with uncertainty.

MARKET CLOSINGS FOR THE WEEK

Nasdaq – 11079, up 510 points or 4.8%

Standard & Poor’s 500 – 3999, up 104 points or 2.7%

Dow Jones Industrial – 34303, up 672 points or  2.0%

10-year U.S. Treasury Note – 3.51%, down 0.06 point

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Landaas & Company newsletter  January edition now available.

Advisors on This Week’s Show

Kyle Tetting

Art Rothschild

Kendall Bauer

(with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik)

Week in Review (Jan. 2-6, 2023)

Significant Economic Indicators & Reports

Monday

Markets and government offices closed

Tuesday

Despite a decline in the residential sector, U.S. construction spending rose in November for the second time in four months. The Commerce Department said construction expenditures rose 0.2% from October to an annual rate of $1.8 trillion, not far from the all-time peak in July, unadjusted for inflation. Spending on residential construction fell 0.5% from the October rate because of a 3% drop in expenditures on single-family home construction.

Wednesday

The Institute for Supply Management reported that its manufacturing index signaled contraction in December for the second month in a row. Based on surveys of purchasing managers, the index showed demand weakening and production falling, but it also suggested ongoing improvements in supply chains and a rebound in hiring. The trade group said it expects manufacturing to continue to flounder at least through the first quarter.

The U.S. labor market still exhibited strength in November as employers posted nearly 10.5 million job openings, far outnumbering the 6 million workers seeking a position. Postings declined marginally from October but were down for the sixth time in eight months following a record 11.9 million openings in March. The Bureau of Labor Statistics said nearly 4.2 million workers quit their jobs in November, which suggests they’re confident of finding better positions. In comparison, before the COVID pandemic, the highest number of quits was 3.6 million.

Thursday

The four-week moving average for initial unemployment claims fell for the fourth week in a row, reaching its lowest level since mid-October. Data from the Labor Department showed the moving average of new filings down 42% from the 55-year average, although it was 11% higher than just prior to the pandemic. In total, 1.6 million Americans were claiming unemployment benefits in the latest week, down 1% from the week before and down from 1.9 million the year before.

In a sign of global economic slowdown, the U.S. trade deficit narrowed by 21% in November. The $61.5 billion deficit, which detracts from gross domestic product, resulted from the value of imports declining at a faster rate than exports. Imports were down 6.4% from October, as U.S. consumption weakened for items such as cell phones, automobiles and industrial supplies. Exports fell 2%, led by industrial supplies, pharmaceutical preparations and commercial aircraft. Year to year, the trade gap widened nearly 16%.

Friday

U.S. employers added 223,000 jobs in December, lower than the monthly average for 2022 (375,000) and 2021 (562,000), but still a sign of a steady labor market. The leisure and hospitality industry led in hiring, according to the Bureau of Labor Statistics, though it’s still more than 900,000 jobs (5.5%) shy of its mark just before the pandemic. Meanwhile, total employment edged 0.8% or 1.2 million jobs higher than in February 2020. Temporary help jobs – often a harbinger of overall hiring trends – fell for the fifth month in a row. The average hourly wage rose 4.6% from December 2021, the latest in a decline from a recent peak of 5.6% in May. The same report showed the unemployment rate dropping to 3.5% - the same as its mark at the outset of the pandemic.

The U.S. services sector contracted in December, the first setback since May 2020, according to the Institute for Supply Management. The trade group’s services index showed both new orders and employment receding for the month. Purchasing managers surveyed blamed interest rates and inflation for a slowdown in demand. At managers also cited continued improvements in deliveries.

A report from the Commerce Department showed manufacturing orders declining in November for the first time in three months but only the second time in 14 months. The value of orders fell 1.8% from October and was 12% ahead of November 2021. Excluding volatile orders for transportation equipment, orders dropped 0.8% for the month and rose 11% from November 2021. A proxy for business investments was up 9% from the year before.

MARKET CLOSINGS FOR THE WEEK

Nasdaq – 10569, up 103 points or 1.0%

Standard & Poor’s 500 – 3895, up 56 points or 1.4%

Dow Jones Industrial – 33630, up 483 points or  1.5%

10-year U.S. Treasury Note – 3.57%, down 0.31 point

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Landaas & Company newsletter  January edition now available.

Advisors on This Week’s Show

Kyle Tetting

Tom Pappenfus

Paige Radke

with  Jason Scuglik

Week in Review (Dec. 26-30, 2022)

SIGNIFICANT ECONOMIC INDICATORS & REPORTS

Monday

No major releases

Tuesday

Housing inflation continued to slow in October. The S&P CoreLogic Case-Shiller national index rose 9.2% from its year-earlier measure. It was the seventh consecutive deceleration from a record high of nearly 21% in March. An economist with the Case-Shiller index said higher mortgage rates, fueled by Federal Reserve interest rate increases, remains a head wind for home prices.

Wednesday

The National Association of Realtors also blamed higher interest rates for a 4% decline in its pending home sales index. The drop was the sixth in the row for the index, which was down 38% from the year before and stood at the second lowest level in 20 years.https://www.nar.realtor/newsroom/pending-home-sales-slid-4-0-in-november

Thursday

The four-week moving average for initial unemployment claims fell for the third week in a row, suggesting ongoing strength in the labor market. The measure of employers’ willingness to let workers go was 40% below its 55-year average, according to Labor Department data. Total claims numbered more than 1.6 million, up 6% from the week before but down from 2.2 million the year before and 20.4 million at the same time in 2020.

Friday

No major releases

MARKET CLOSINGS FOR THE WEEK

Nasdaq – 10466, down 31 points or 0.3%

Standard & Poor’s 500 – 3840, down 5 points or 0.1%

Dow Jones Industrial – 33148, down 56 points or  0.2%

10-year U.S. Treasury Note – 3.88%, up 0.13 point

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Landaas & Company newsletter  December edition now available.

Advisors on This Week’s Show

Kyle Tetting

Adam Baley

Mike Hoelzl

with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik

Week in Review (Dec. 19-23, 2022)

Significant Economic Indicators & Reports

Monday

No major announcements

Tuesday

As mortgage rates have risen amid Federal Reserve Board efforts to restrict lending, the pace of building permits and housing starts slowed dramatically in November. The Commerce Department said new construction dipped 0.5% from the annual rate in October and was down 16% from November 2021. Starts for single-family units hit the lowest point since May 2020. Permits were 22% off the year-ago pace, with single-family authorizations also at a two-and-a-half-year low. Despite the drop in permits and starts, housing under construction remained at the highest level in 52 years of data.

Wednesday

The Conference Board said its consumer confidence index rose in December for the first time in three months, but expectations remained at a level suggesting economic recession. The business research group said attitudes rose toward both current conditions and what may be ahead. Price drops in gasoline helped lower inflation expectations to their lowest point in 15 months.

Existing home sales declined 7.7% in November to an annual rate of 4.1 million houses, down 35% from the year before, the National Association of Realtors said. The sales pace fell for the 10th month in a row. The trade group said higher mortgage rates discouraged both buyers and sellers, with inventories shrinking for the fourth month  near a record low. The median sales price of $370,700 was up 3.5% from November 2020, marking the 129th consecutive year-to-year increase.

Thursday

The U.S. gross domestic product grew at an annual pace of 3.2% in the third quarter of 2022, according to a final estimate by the Bureau of Economic Analysis. The economic growth rate was up from 2.9% in the preliminary report as consumer spending rose at a faster pace than initially estimated. Correcting for inflation, the economy grew 2% from the year before and was 4% above its pre-COVID peak. The Federal Reserve’s favorite measure of inflation showed a 4.3% increase since the third quarter of 2021, more than double the Fed’s long-range target of 2%.

The four-week moving average for initial unemployment claims fell for the second week in a row after four consecutive gains. Data from the Labor Department showed the gauge of employers’ willingness to dispose of workers at 4o% below the long-term average. Total jobless claims dropped 3% in the latest week to 1.5 million, down from 2.1 million the year before and 21 million the year before that.

The Conference Board’s index of leading economic indicators declined 1% in November, with stock prices making the only positive contribution for the month. The index dropped 3.7% since May, as opposed to a 0.8% decrease in the previous six months. The business research group said the Federal Reserve Board’s interest rate cuts are slowing the economy, especially in housing, and likely will result in a recession spanning from early through mid-2023.

Friday

By far the biggest driver of the U.S. economy, consumer spending gained 0.1% in November, the smallest of four consecutive increases. Adjusted for inflation, spending was unchanged from October as consumers bought fewer goods but slightly more services. The Bureau of Economic Analysis reported that personal income rose 0.4% in November, which meant spending didn’t outpace income for the first time in four months. The Fed’s favorite inflation gauge showed a 5.5% increase from November 2021 – the lowest in 13 months.

The Commerce Department said orders for durable goods sank 2.1% in November, the first decrease in four months. The indicator for manufacturing demand was up 10.5% from November 2021. Commercial aircraft and automotive led the monthly decline. Excluding transportation equipment, orders rose 0.2% from October and were nearly 7% above their year-ago level. Core capital goods orders, a proxy for business investments, rose 0.2% for the month and were up 8.8% from the year before.

The Commerce Department said the annual pace of new home sales rose 5.8% in November, though it still was down 8.5% from the year before. The volatile indicator was below its pre-COVID pace for the eighth month in a row with only the Midwest increasing sales for November. The median price rose 9.5% from the year before to $471,200.

The University of Michigan’s consumer sentiment index rose in December as households felt less pressure from inflation. Although the index reading was up 5% from November, it was down 15% from the year before. Expectations were down 12% from the December 2021 index while opinions toward current conditions fell 20% from the year before. The longstanding survey showed consumers’ inflation expectations at the lowest level in 18 months.

MARKET CLOSINGS FOR THE WEEK

Nasdaq – 10498, down 208 points or 1.9%

Standard & Poor’s 500 – 3845, down 7 points or 0.2%

Dow Jones Industrial – 33205, up 284 points or  0.9%

10-year U.S. Treasury Note – 3.75%, up 0.27 point

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Landaas & Company newsletter  December edition now available.

Advisors on This Week’s Show

Bob Landaas

Kyle Tetting

Art Rothschild

Kendall Bauer

(with Max Hoelzl, engineered by Jason Scuglik)

Week in Review (Dec. 12-16, 2022)

Significant Economic Indicators & Reports

Monday

No major announcements

Tuesday

The broadest measure of inflation continued to ease in November, declining on a year-to-year rate for the fifth month in a row. The Bureau of Labor Statistics said its Consumer Price Index added 0.1% from October and was up 7.1% from November 2021 after a 40-year high of 9.1% in June. Inflation remained near 1982 levels and far above the Federal Reserve Board’s long-range target of 2%. Shelter costs accounted for most of the monthly increase while the price of gasoline got cheaper. Excluding volatile costs for energy and food, the core 12-month inflation rate was 6%, a second monthly decline since hitting a 40-year high of 6.6% in September.

Wednesday

The policy-making committee of the Federal Reserve Board announced a unanimous decision to raise short-term interest rates another half a percentage point. It was the Fed’s seventh hike this year in its attempt to lower economic demand and ease inflation. The half-point increase was down from recent moves of three-quarters, but the Federal Open Market Committee said it expects more raises ahead.

Thursday

The Commerce Department reported a 0.6% decline in retail sales in November, following a 1.3% gain in October. The drop was broadly distributed: Nine of 13 major categories had lower sales in November, including car dealerships, furniture stores, appliance centers and home-and-garden centers. Consumer spending rose notably at grocery stores and bars and restaurants. Compared to November 2021, only two retail categories had lower sales: Furniture stores and appliance centers. Adjusted for inflation, retail sales fell 0.7% in November, the fifth decline in seven months.

The four-week moving average for initial unemployment claims fell for the first time in six weeks but still close to 40% below its 55-year average. Although data can be marginally affected by seasonal downtime, including around Thanksgiving, the Labor Department reported total claims rising 24% from the week before to nearly 1.6 million. That’s down from almost 2.5 million the year before, suggesting employers’ reluctance to let workers go.

U.S. industrial output fell 0.1% in November, its second drop in a row and the third in four months. The Federal Reserve reported a broad decline in industrial production, led by manufacturing — particularly automakers. Factory output had advanced in the four previous months. Overall industrial production was up 2.5% from the year before. Reflecting the monthly drop in production, the capacity utilization rate fell for the second month in a row, reaching its lowest level since June but still up slightly from its long-term average. The capacity utilization rate is an indicator of inflationary pressure.

Friday

No major announcements

MARKET CLOSINGS FOR THE WEEK

Nasdaq – 10705, down 299 points or 2.7%

Standard & Poor’s 500 – 3852, down 82 points or 2.1%

Dow Jones Industrial – 32920, down 556 points or  1.7%

10-year U.S. Treasury Note – 3.48%, down 0.09 point

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Landaas & Company newsletter  December edition now available.

Advisors on This Week’s Show

Kyle Tetting

Steve Giles

Adam Baley

(with Max Hoelzl, engineered by Kevin Lofy)

Week in Review (Dec. 5-9, 2022)

SIGNIFICANT ECONOMIC INDICATORS & REPORTS

Monday

 

The U.S. services industry expanded for the 30th month in a row in November, and at a faster rate, the Institute for Supply Management reported. The ISM services index showed the pace of growth accelerating for the first time in three months. Index components for business activity and employment drove the increase, while growth in new orders slowed slightly. The trade group said the index suggested the overall U.S. economy was growing at an annual pace of 2.3%.

The manufacturing sector also showed ongoing strength, with factory orders for October growing for the 12th time in 13 months. The Commerce Department reported broad gains led by transportation equipment – particularly aircraft and automotive products. Compared to the same time last year, factory orders were up nearly 13% - just below 12% excluding transportation. Orders for core capital goods, a measure of business investment, rose in October and was up more than 9% from October 2021.

Tuesday

The U.S. trade gap widened 5.4% to $78.2 billion in October. The value of exports shrank from September by 0.7% with declines in sales abroad of natural gas, oil products and pharmaceuticals. Meanwhile, imports rose 0.6% with increased purchases of industrial materials and cars. The Bureau of Economic Analysis said the trade deficit, which detracts from measures of economic output, grew 20% through the first 10 months of 2022 compared to the same period in 2021.

Wednesday

The Bureau of Labor Statistics said worker productivity rose at an annual rate of 0.8% in the third quarter, up from an earlier estimate of a 0.3% gain. The annual growth rate for output rose 3.3% in the quarter while the pace of hours worked rose 2.5%. Measuring year over year, productivity slipped 1.3%, the third consecutive decline. Since the third quarter of 2021, output rose 2.1% while hours worked increased 3.4%. The report showed unit labor costs rising 5.3% from the year before. Adjusted for inflation, hourly compensation fell 4% in the latest 12 months, the biggest drop in 74 years of data.

The Federal Reserve Board reported a 19th consecutive rise in consumer credit card debt outstanding in October. Total debt, including vehicle financing and student loans, rose at a 6.9% annual rate from September, but revolving credit, which mostly reflects credit cards, gained at a rate of 10.4%. The level of credit card debt suggests consumers’ willingness to spend. In October, it was more than $71 billion or 6% above where it was just before the pandemic. The indicator took two years to recover from the COVID recession, vs. a decade-long recovery from the financial collapse and Great Recession.

Thursday

The four-week moving average of initial unemployment claims continued to reflect a slight weakening of a historically strong labor market. The Labor Department reported an uptick in the average for the fourth week in a row. Only once in the previous 10 weeks did initial claims decline. Still, the moving average is 38% below its 55-year average, suggesting the reluctance of employers to let workers go. Just under 1.3 million Americans claimed jobless benefits in the latest week, down 6% from the week before, compared to 1.9 million the year before.

Friday

 

MARKET CLOSINGS FOR THE WEEK

Nasdaq – 11005, down 457 points or 4.0%

Standard & Poor’s 500 – 3934, down 137 points or 3.4%

Dow Jones Industrial – 33476, down 954 points or  2.8%

10-year U.S. Treasury Note – 3.57%, up 0.06 point

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