George Chamberlin's Money in the Morning

August 31, 2015

Wall Street braces for losses as futures tumble. Yep, it's a headline today from MarketWatch.com. I looked up the definition of "tumble" and came up with: "To fall into ruin." So, perhaps they once again were overstating the situation on Wall Street. To be sure, last Monday's stock prices indeed tumbled when the Dow industrials dropped more than 1,000 points in the first 15 minutes of trading. Today the decline was a bit less, about 150 points. No matter what, August will end today with a rather significant decline, around 6 percent.

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Wall Street braces for losses as futures tumble. Yep, it's a headline today from MarketWatch.com. I looked up the definition of "tumble" and came up with: "To fall into ruin." So, perhaps they once again were overstating the situation on Wall Street.

However, Sam Stovall of S&P Capital IQ puts things in perspective, saying, "Last week's stock market action reminded many of a B-grade horror film from a 1950s drive-in double feature: The week that never was. Indeed, if an investor had been out of touch on a cruise, they would have disembarked to an S&P 500 that had risen less than 1 percent." Of course, between the start and finish of the week there were some rather steep peaks and valleys.

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This week is heavy with news about the labor market. It begins on Wednesday with the ADP report on private sector payrolls in August. Thursday brings the weekly report on initial claims for jobless benefits and Friday has the Department of Labor update on hiring and the unemployment report for August. Every month brings hope there will be a breakout in hiring with payrolls spiking by 300K or more. You can bet the Fed will be watching these numbers closely as they head toward their important meeting in the middle of the month. Once again, great expectation, little action in reality.

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Folks from Deutsche Bank were on hand to ring the opening bell at the NYSE today to mark the start of the golf championship they sponsor this week in Boston. It is the second leg of the FedEx Cup championship, which leads to an ultimate winner of $10 million. It seemed a bit odd they used the opening bell for a golf tournament when you consider the U.S. Open tennis tournament begins today in NYC.

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Happy birthday to Warren Buffett who turned 85 yesterday. You have to love it when a guy that age considers himself a long-term investor.

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Took my granddaughter Sophia to the Civic on Saturday night to see "Pippin," a delightful Broadway show. At intermission I ran into my colleague from NBC, Jim Laslavic, who told me the actor playing the title role in the show, Brian Flores, happens to be the son of former Oakland Raiders coach Tom Flores, who happened to be in the theater to watch his son perform.

More George Chamberlin Columns

George Chamberlin's Money in the Morning

Wall Street braces for losses as futures tumble. Yep, it's a headline today from MarketWatch.com. I looked up the definition of "tumble" and came up with: "To fall into ruin." So, perhaps they once again were overstating the situation on Wall Street.

George Chamberlin's Money in the Morning

Pity the poor investor who panicked. The two-day selloff at the start of the week was enough to scare a lot of investors out of their stocks, thanks for the fanning of fears by CNBC and others.

George Chamberlin's Money in the Morning

Much to the disappointment of the permabears, the stock markets staged a strong rally yesterday. The Dow industrials rose 619 points, snapping a six-session losing streak. The gain was 4 percent, the biggest one-day increase in four years.

George Chamberlin's Money in the Morning

Four in a row. The attempt by the stock market yesterday to rally out of the recent sharp declines fizzled in the final hour of trading yesterday and led to a fourth consecutive day to the downside. But it was not just any four days of declines. The loss of 205 points on the Dow industrials marked the fourth session in a row the index has been down 200 points or more. That has never happened before.

Weekly Updates

George Chamberlin on the Markets

August 31, 2015 -- Executive Editor George Chamberlin recaps last week's financial events and looks at the week's upcoming announcements.

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Video Interviews

Interview with CBRE's Mike Hoeck

June 29, 2015 -- George Chamberlin and Mike Hoeck, a first vice president with CBRE, discuss how changes in the legal industry and the work environment affect law office space

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