September 4, 2020

Today’s positive jobs report had little effect on markets as yesterday’s selloff continues to hammer stocks.  The US added 1.37 million jobs and unemployment dropped to 8.4% (vs. 1.32 million and 9.8% expected). The Nasdaq is down 3% and on pace for its worst 2-day performance since early March as tech stocks are getting crushed. The S&P and Dow are down 1.7% and 1.3% respectively.  Gold and silver are trading at $1924 and $26.60 down 3.3% and 8.0% from their weekly highs reached on September 1. September is historically the worst month for stocks, and even though March will likely be the worst for 2020, markets are trying to stick to tradition based on the last week.