Weekly Market Update | September 28, 2020

Stocks Mixed Amid Uncertainty

The Week on Wall Street

Stocks were mixed last week as worries that stretched from Washington D.C., where prospects of a new fiscal stimulus bill dimmed, to Europe, which saw an increase of new COVID-19 cases.

The Dow Jones Industrial Average declined 1.75%, while the Standard & Poor’s 500 fell 0.63%. The Nasdaq Composite index gained 1.11% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, slumped 4.20%.

Late Friday Rally Pares Losses

Dwindling chances of a federal fiscal stimulus, pre-election jitters, and worries over a second wave of coronavirus infections in Europe weighed heavily on investors.

The weakness in technology persisted. The Department of Justice proposal to curb legal protections for internet companies and require them to take greater responsibility for the content on their sites adding to that sector’s woes.

Energy stocks were also hit hard on concerns of a slowdown in economic growth hurting oil demand.

The week wasn’t entirely absent of good news. Investors focused on reports of new progress in developing a vaccine and the passage in the House of Representatives of a bipartisan continuing resolution bill to fund the government through December 11th.

Absent any apparent catalyst, stocks rallied in the final days of the week, cutting losses on major indices and powering the NASDAQ Composite to a weekly gain.

Fiscal Stimulus on Life Support

Market hopes for an additional fiscal stimulus bill, which were already fading, suffered another setback as events in Washington, D.C., appeared to make it more unlikely that lawmakers and the president could come together to fashion a compromise spending bill.

Many economists and market observers, along with Federal Reserve Chairman Jerome Powell, believe that further spending may be needed to maintain the momentum of the current economic recovery.

Key Economic Data

Tuesday: Consumer Confidence Index.

Wednesday: ADP (Automated Data Processing) Report. Gross Domestic Product (GDP).

Thursday: Jobless Claims.

Friday: Employment Situation. Factory Orders.

Source: MarketWatch Calendar

Companies Reporting Earnings

 Tuesday: Micron Technologies (MU), McCormick (MKC)

Thursday: Constellation Brands (STZ), Pepsico (PEP), Conagra Brands (CAG)


Quote of the Week

“What goes best with a cup of coffee? Another cup”

– Henry Rollins

Sources: The Wall Street Journal, September 25, 2020; Treasury.gov, September 25, 2020

Weekly performance for the Dow Jones Industrial Average, Standard & Poor’s 500 index, and NASDAQ Composite is measured from the close of trading Friday, September 18, to Friday September 25, close. Weekly performance for the MSCI-EAFE is measured from the September 18, open to Thursday September 24, close. Weekly and year-to-date 10-year Treasury note yields are expressed in basis points.

How to Make Healthy Habits Stick

We’ve all set goals that for some reason or another haven’t happened. Believe it or not, there is a science behind whether you achieve your goals. Because of that, these tips can help:

  • Set a series of smaller goals instead of large goals – Although it can be beneficial to dream big, you may find it more attainable to set smaller goals and celebrate your successes along the way. For example, if your goal is to eat healthier, make an effort to change just one meal a day. Make your goals specific and attainable to succeed.
  • Always look for new opportunities – You might be surprised how often an opportunity pops up for you to implement your new goal. For example, you can take the stairs instead of the elevator or take a 15-minute walk throughout your day to be more active.
  • Be patient – Major life changes don’t happen instantly and they’re not easy! Try not to get frustrated if you don’t see immediate progress. Be patient with yourself and celebrate the small victories as you go.

Tip adapted from Mayo Clinic 


Whipped Coffee

Serves: 1


  • 2 tablespoons of instant coffee
  • 2 tablespoons of sugar
  • 2 tablespoons of warm water
  • 1 cup milk


  1. Add the sugar, instant coffee, and water into a small bowl.
  2. Using a hand mixer (or a whisk), whip the entire mixture until stiff peaks can form and it’s nice and fluffy.
  3. Prepare a glass with ice and milk.
  4. Pour the whipped coffee over the milk (or a milk alternative) and stir.

Recipe adapted from Jessica in the Kitchen

Make Better Contact With the Ball With This Simple Drill

Most players that make good contact with the ball during their shots have the same thing in common. They have a fair amount of length and extension through the club and their body. Because of this, they are able to take full advantage of the whole swing.

If you notice that you aren’t making strong contact with the ball, it may be because your arms are bunching up or your hips are too far back. This simple drill will help you understand and correct this form:

Slide the golf club up so it’s pressing into your stomach. Then, pivot your core forward and up. Once you get a feel for this motion, do small swings to recreate that feeling. Then, you can incorporate it into your full swing.

Tip adapted from PGA of Australia

Check Out the IRS YouTube Channel for Tips

Did you know that the IRS has its own YouTube channel? The channel is full of informational videos that answer common questions from taxpayers. They cover everything from filing a tax return for the first time to what to do if you don’t receive a W-2.

In addition, the IRS also posts videos in multiple languages for multilingual taxpayers. They even have videos in American Sign Language to accommodate taxpayers of all languages and ability levels. They have their videos separated into different categories including Tax Tips, Identity Theft, Small Business, and IRS Tax Pros. Now it’s easier than ever to get your tax questions answered online.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov

What Are B Corps?

Certified B Corporations (or B Corps), are businesses that uphold the highest social and environmental standards. They are businesses that are putting sustainability at the forefront of their business and do this through a number of different shifts in operations.

In order to receive a B Corp certification, a business is evaluated on their products and services, as well as on their overall positive impact of the company. They have achieved a verified score that assesses their workers, customers, community, and environment. A B Corps’ board of directors may also have to have legal documents recording their balance of profit and purpose.

Supporting B Corporations is a vote for the future of how we do business!

Tip adapted from BCorporation.net

Financial planning and investment advisory services offered through Cleveland Wealth, LLC, a Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified wealth advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.