It’s Friday the 13^th.  Will it spook investors, or will the Dow make its to its 8^th consecutive up day?  The Nasdaq has turned lower, but the S&P 500 is slightly higher.

Apple has been a drag on the markets after Goldman Sachs (GS) cut its price target from $187 to $165, while maintaining its Neutral rating.  The analyst, Roy Hall, cited concerns over Apple’s accounting methods, as it shifts revenue from hardware to services, and that its new Apple TV streaming service will adversely impact its income statement.  AAPL is currently down 2.35%.

Financials are trading higher as U.S. Treasury yields climb.  The 10-year is currently trading at 1.87% and is up 33 basis point for the week.

The preliminary read on Consumer Sentiment for September was 92, up from August’s sharp decline and final read of 90.2.  However, its still down 8.1% from a year ago when it was 100.1.  This was the third lowest read since the President Trump’s election.  The potential impact of tariffs is beginning to weigh on consumers, as “38% of all consumers making spontaneous references to the negative impact of tariffs, the highest percentage since March 2018.”  Sentiment, while not widespread, fell among those under age 45, and households with incomes in the top third, which collectively account for about half of all spending. 

• The Current Economic Conditions Index rose to 106.9 from 105.3, +1.5% M/M and -7.2% Y/Y.
• The Index of Consumer Expectations jumped to 82.4 from 79.9, +3.1% M/M and -9.0% Y/Y.

Have a great weekend.