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Slow day all around as trading floors were more preoccupied with eating contests than stock trading. Volume on the New York Stock Exchange hit a low 1.1 billion shares. Does Stevie Cohen trade during Rosh Hashanah? With trading so light, volatility kicked up a bit.
The major indexes dipped a bit but were mostly flat. DJIA down -16.74 at -0.13%. S&P 500 up 0.7%. Nasdaq down -5.40 at -0.21% Russell down -4.37 at -0.56%. And the sad 10-YR Note -/9/32 at -0.26%
The only busy people seem to be the commodities traders. After a steady climb after OPEC’s conference with oil robber-barrons, prices for crude hit $80 per barrel then retreated a bit to 79.79. It ended up $1.56 or 1.99% from the previous day.
The financial sector had a poor showing, ending down 0.2%. Tech faired poorly too. The other major sectors of the market—consumer staples, energy, heath care, industrials and utilities—all gained.
Remember a month ago when everyone was making fun of ordinary people for fearing a recession when the economists were totally saying one wasn’t going to happen? Well, the economist are becoming a bit more ordinary. According to a survey of 52 economists for the WSJ.com relating to the Fed and the odds of an impending recession: (they) pegged the recession risk at 36%, up from a 28% probability a month earlier. Three-fourths of the 52 economists responding to the recession question put the odds at or above 30% and 11 put the odds at 50% or better. The range was wide -- from 5% to 90%.
--Silas Greenback contributes to Closing Bell.
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