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The ‘January barometer' for stocks comes with a big asterisk this year MarketWatchJanuary Barnburner: Gold Soars And Crashes, Stocks Rally, Bonds Quiet Seeking AlphaDid the Stock Market Read the January Script? TradingViewThe Weather is Freezing but Stocks Are Hot. It's the January Effect. Barron'sA Cold January, but the Stock Barometer Remains Positive - LPL
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"Her low income did not require her to file taxes, and once she moved to the care facility, I got her on Medi-Cal."
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"I'm a 40-year-old woman in a committed relationship, and I've experienced the loss of both of my parents."
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It was a choppy start to the short trading week, with stocks spending time in both positive and negative territory Tuesday. Bears gained the upper hand in the afternoon, though, with the three major indexes ending another day in the red.
SEE MORE The ESG Investing Backlash
Although this week's economic calendar is fairly thin, data from the Institute for Supply Management (ISM) this morning showed that activity in the services sector ticked up to 56.9% in August - the highest level since April - from July's 56.7%.
"This is the most recent piece of data to suggest the economy remains resilient and as such the market takeaway is that this gives the Fed more room to continue raising rates," says Michael Reinking, senior market strategist for the New York Stock Exchange. "Futures markets are now pricing in a 75% chance of a 75 basis-point hike later this month from a coin flip late last week." A basis point is one-one hundredth of a percentage point.
In reaction to today's ISM data, the 10-year Treasury yield rose to its loftiest level since mid-June. This, in turn, weighed on shares in the communication services (-1.3%) and technology (-0.6%) sectors, with names such as streaming giant Netflix (NFLX, -3.4%) and chipmaker Intel (INTC, -2.8%) seeing notable declines.
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As for the major indexes, the tech-heavy Nasdaq Composite fell 0.7% to 11,544, its seventh straight loss.
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