THE WEEK ON WALL STREET
Stocks were mixed last week as fresh economic data points and election-related uncertainty slowed market momentum. The S&P 500 Index fell 0.96 percent, while the Nasdaq Composite Index rose 0.16 percent. The Dow Jones Industrial Average dropped 2.68 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, slid 2.30 percent.
FACT OF THE WEEK
The first computer-to-computer link, established through the ARPANET (the precursor to the internet), was made on October 29, 1969, between a computer at UCLA and another at Stanford Research Institute, marking the birth of the internet as we know it today; the first message sent was "LO" from the word "LOGIN" as the system crashed after transmitting those two letters
MARKET MINUTE
Nasdaq Leads
Stocks were mixed for the first half of the week as investors geared up for a steady stream of Q3 reports. The 10-year Treasury yield continued to trend higher, which caught the attention of some traders.
Markets fell Wednesday morning with news that existing home sales fell to a 14-year low in October; still slowed by higher interest rates, sales are on track for their worst year since 1995. Also, pre-election jitters remained an undertow with traders.
News that durable goods orders rose in September buoyed sentiment a bit. At Friday’s close, the Nasdaq, fueled by technology names, marked its seventh consecutive week of gains but the S&P 500 broke its 6-week winning streak.
Election Focus
With the election cycle in full swing, some traders appear to be preparing for an uptick in volatility in the coming weeks.
In late August, nearly 90 percent of stock traded above their 20-day moving average. However, that momentum has slowed. On Tuesday, Standard & Poor’s reported that the number of stocks above their 20-day moving average fell to nearly 50 percent. Traders may be moving to more of a “risk off” position ahead of November 5.
FINANCIAL STRATEGY OF THE WEEK
Keeping your PII (personally identifiable information) safe in today’s online environment is more challenging than ever. There may not be one simple solution for protecting your digital identity, but there are steps you can take to help thwart criminals. Freezing your credit, updating software on your devices, staying knowledgeable about the latest scams, making sure your passwords are hyper-secure, and regularly backing up your data will lessen your chances of compromising your personal online information. Sadly, sometimes that’s still not enough.
If you have reason to believe you’ve been the victim of a cybercrime or identity theft, here are some crucial steps you should take:
- Alert the company where the fraud has occurred.
- Immediately change your passwords for all online accounts.
- Close any compromised credit or debit cards.
- File a police report so you can provide it to banks, creditors, businesses, or credit bureaus as evidence of the crime.
If your data has been compromised by a corporate data breach, look for instructions on what to do next from the business or agency whose data was breached.
- Contact one of the three credit bureaus to put a fraud alert on your credit report to prevent further damage.
- Once you’ve taken the actions above, you should also report it to the following agencies:
- Internet Crime Complaint Center (IC3) - They refer each internet-related criminal complaint to the appropriate state, local, federal, or international law enforcement.
- Federal Trade Commission (FTC) - They share complaints with the proper law enforcement partners and provide you with the next steps to take.
- econsumer.gov - They accept complaints regarding any online scams that deal with foreign companies.
- Department of Justice (DOJ) - They help you report to the proper agencies based on the scope of all internet-, intellectual property- and computer-related crimes.
Not only will these steps help you get things squared away, but they can potentially assist authorities in their investigations to stop criminals from taking advantage of others. Good luck, and stay vigilant!