Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2%. "We think the mid-cycle transition will end with the rolling correction finally hitting the S&P 500," wrote Mike Wilson, Morgan Stanley's chief U.S. equity strategist. "We point to downside risk to earnings revisions, consumer confidence and PMIs." Wilson said he believes a "destructive outcome" is looking more likely that results in a pullback of 20% or more. On Friday, University of Michigan's September consumer sentiment index came in at 71, just slightly above the August level that was the lowest in 9 years. The Cboe Volatility index , Wall Street's fear gauge, jumped above the 26 level on Monday, the highest since May. Amid Monday's sell-off, a number of classic defensive stocks provided the broader market with some support. Pfizer, Walmart, Procter & Gamble and Merck all traded in the green. Stocks have struggled so far in September in line with historical trends. For the month, the Dow is off 3.3%. The S&P 500 is lower by 3.2% and the Nasdaq Composite is lower by 2.9%. On Friday, the Dow Jones Industrial Average turned in three straight weeks of losses for the first time since September 2020. The S&P 500 saw its biggest trading volume Friday since July 19, more than doubling its 30-day average volume. Friday coincided with the expiration of stock options, index options, stock futures and index futures — a quarterly event known as "quadruple witching." History shows volatility tends to pick up around this event. Fed Chair Jerome Powell will hold a press conference Wednesday at the conclusion of the two-day meeting. Powell has said the so-called tapering could occur this year, but investors are waiting for more specifics, particularly after mixed economic data released since Powell's last comments. Some investors believe this is just normal market action that can occur in September.https://www.cnbc.com/2021/09/19/stock-market-futures-open-to-close-news.html
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›Padmanabhaswamy go Temple's trust books for 25 years must be audited, SC told Padmanabhaswamy Temple's trust books for 25 years must be audited, SC told Padmanabhaswamy Temple's trust books for 25 years must be audited, SC told The administrative committee, which runs the Padmanabhaswamy temple, possibly the richest temple in the world, on Friday claimed in court that the temple was in financial problems and demanded that the accounts of the temple and the trust, which previously ran it, must be The administrative committee, which runs the Padmanabhaswamy temple , possibly the richest temple in the world, on Friday claimed in court that the temple was in financial problems and demanded that the accounts of the temple and the trust, which previously ran it, must be audited. Court amicus Gopal Subramanian had, in 2014, suggested a special audit by former CAG Vinod Rai into the accounts of the temple and the trust for the past 25 years. That hasn’t been done yet. On Friday, the administrative committee in charge of the temple affairs told the court that the temple was facing financial problems and that the accounts of the temple and the temple trust for the past 25 years must be audited. The temple trust said it wasn’t opposed to audit of its financial affairs but drew the line at being made subservient to any other committee associated with the temple management. This stand was conveyed by senior advocate Arvind P Datar to a three-judge bench led by Justice UU Lalit. The Trust had initially opposed any special audit of its affairs, prompting the temple administration committee, headed by the district judge, to argue that the temple was in financial problems and there was a need for the audit of the accounts of both for the past 25 years. Datar claimed that the temple trust was already being audited. But it wasn’t opposed to audits of its accounts for the past 25 years. The administrative committee, through senior advocate R Basant, claimed that the temple was in financial difficulties. He claimed that the trust had cash and other assets worth ₹2.89 crore in cash and ₹1.95 crore in assets. Datar contested these cash and assets figures as that of 2014. The trust had no role in the actual management of the temple affairs now, he said. Basant, however, said that the trust used to run the affairs of the temple and hence both the temple and the trust’s accounts for the past 25 years need to be audited. The top court, after hearing both sides, reserved its order on the issue. The Padmanabhaswamy temple had hit the headlines when a court-appointed committee stumbled upon a huge stash of gold and other ornaments.https://economictimes.indiatimes.com/news/india/padmanabhaswamy-temple-trust-books-for-25-years-must-be-audited-sc-told/articleshow/86302995.cms