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The September Effect refers to the historically weak stock market returns observed during the month of September. In fact, September has been the worst performing month, on average, going back nearly a century.

Stat: $1 trillion. That’s how much Berkshire Hathaway is now worth. The Warren Buffet-led company is the first outside of tech to join the trillion-dollar club, joining behemoths like Apple, Amazon, and Microsoft. (the Washington Post)

CITE: https://www.r2library.com/Resource

What’s up

• Unity Software rose 2.02% after Morgan Stanley analysts upgraded the video game company, basically stating that Unity’s shares can’t sink any lower.
• Super Micro Computer recovered 0.93%, firing back at Hindenburg Research and stating that the short seller got it all wrong.
• Southwest Airlines ascended 2.28% on the news that activist investor Elliott Investment Management has accrued enough shares of the airline to call a special shareholder meeting.
• Vaxcyte exploded 36.39% after an early-stage trial for its invasive pneumococcal disease vaccine showed promising results.

What’s down

• Nvidia sank 9.53% as investors continue to digest the chipmaker’s earnings report from last week, which hinted at a slowdown in growth. Semiconductor stocks across the board had a terrible day.
• Boeing descended 7.32% after a Wells Fargo analyst downgraded the company and lowered his price point, noting Boeing’s mounting expenses will hinder its free cash flow.
• US Steel fell 5.99% after Vice President Kamala Harris came out against the iconic steelmaker’s acquisition by Japan’s Nippon Steel.
• Intel dropped 8.80% on the rumor that the company will be dropped by the Dow Jones Industrial Average.
• Cleanspark plunged 15.62% after the bitcoin miner released its latest monthly mining update, which revealed that it has been pulling in fewer and fewer bitcoins.

CITE: https://tinyurl.com/2h47urt5

Here’s where the major benchmarks ended:

• The S&P 500^® index (SPX)dropped 119.47points (–2.12%) to 5,528.93; the Dow Jones Industrial Average^® ($DJI) fell 626.15 points (–1.51%) to 40,936.93; the $COMP plummeted 577.32 points (–3.26%) to 17, 136.30.
• The 10-year Treasury note yield gave back seven basis points to 3.84%.
• The VIX soared to 20.72, the highest since August 13.

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Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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