Wall Street took a big hit on the first Day of trading in September which is Historically one of the worst months for The market the Dow the SNP 500 and Nasdaq all took their biggest losses Since a global selloff earlier last Month CBS News business analyst Jill Slesinger is here to break it all down So let's jump right into it um what what Was going on yesterday why they're Tumbled you know I think there were a Couple of things number one we had Weaker than expected manufacturing data Number two we had a report out from Goldman Sachs that said hey demand from China is slowing down number three this Is what I think I think a lot of people Said hey I've been away for a long Weekend they looked at their positions They said the nasdaq's up 20% this year The S&P is up 19% this year maybe I Should take some money off the table Regardless this is an overall fear of Hey maybe things won't continue maybe We'll be slowing down too much maybe We're looking at a recession but is it a Slow down with the Federal Reserve what What people want it yeah this is the Weird part this is the Paradox of where We are we want the FED to slow things Down because we don't want inflation to Bubble up again and inflation's moving In the right direction but the real Issue is that if we slow down too much
The fear is we see layoffs we see that There could be actual contraction and You know what's interesting the FED Meets exactly two weeks from today Exactly two weeks September 18th we are Expecting a quarter of a percentage Point rate cut it would be the first of Many but that's the Focus right now is The fed and the labor market now a new Jobs report will be released Friday what Can we expect so I think we're looking At maybe about 170,000 jobs were created It could be up it could be down last Month was a weaker than expected report That started the big selloff in early August but regardless we really are Looking at the unemployment rate which Is at 4.3% we're also looking at wages We need to see that our wages are Growing faster than the inflation rate So far for the last few months that's Held should people do anything with Their retirement accounts anticipating The FED move remember last month when Everyone was freaking out and I said Calm down it's a day-to-day thing you're A long-term investor please don't do Anything and even when you see a Sell-off like yesterday it's going to be A volatile season please be clear that If you are a long-term investor this is The price of admission you must endure These bad days over the long term you're Going to be happy that you you did not
Mess around with that portfolio Mom I'm Talking to you because she called me Yesterday and she was nervous and I said Please I know you're nervous but there's No need to do anything in football terms You can't win the season in week one Play the long game oh yes baby I got you Dollar dollar Jill we appreciate you
