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Stocks decline on the day with the Nasdaq slipping 0.13 percent, the S&P 500 Index 1.16 percent, the Dow Jones Industrial Average 1.84 percent and the Russell 2000 Index 3.35 percent.

SPDR Technology (XLK) gained 0.86 percent on Monday.  SPRD Utilities (XLU) fell 0.62 percent and SPDR Consumer Staples (XLP) 0.67 percent. Selling on Monday was concentrated in energy, materials and industrials, with all three sectors sliding more than 3 percent.

Technology was boosted on the news that TikTok could be purchased by Oracle (ORCL) and Walmart (WMT). The companies gained 1.79 percent and 1.32 percent, respectively, on the day. The agreement is still subject to government approval.

Economists predict existing home sales hit an annualized pace of 6.03 million in August. They see new home sales pulling back slightly from an annualized 901,000 in July to 890,000 in August. iShares U.S. Home Construction (ITB) slid 1.81 percent.

Flash PMIs for September will be out on Wednesday. Both manufacturing and services were expanding in August.

Multiple Federal Reserve officials will speak publicly this week. Fed Chairman Powell will testify before Congress on the impact of coronavirus and the CARES Act on Tuesday, Wednesday and Thursday. Aside from Powell’s testimony, there will be 20 public speeches or testimony by various regional Fed presidents and other top officials.

Crude oil declined $1.78 per barrel on Monday, closing at $39.54. Natural gas tumbled 10.40 percent, taking its loss over the past month to over 30 percent.

iShares MSCI Emerging Markets (EEM) fell 0.92 percent and iShares MSCI EAFE (EFA) 2.53 percent.

The 10-year Treasury yield closed at 0.67 percent. It has spent the bulk of the past six weeks trading between 0.63 percent and 0.73 percent.

The Russell 2000 Index gained 2.64 percent this week as investors continued rotating into small-cap stocks and value opportunities. The Dow Jones Industrial Average decreased 0.03 percent, the Nasdaq 0.56 percent and the S&P 500 Index 0.64 percent.

SPDR Energy (XLE) advanced 3.02 percent to lead the major sectors as crude oil rebounded above the $40 level this week. SPDR Industrials (XLI) climbed 1.49 percent, SPDR Materials (XLB) 1.00 percent and SPDR Healthcare (XLV) 0.89 percent. SPDR S&P Biotech (XBI) jumped 11.36 percent.

iShares Edge MSCI Minimum Volatility USA (USMV) gained 0.46 percent and Vanguard Dividend Appreciation (VIG) 0.22 percent. Although tech stocks broadly sold off, Tesla (TSLA) gained 18.41 percent on the week.

Homebuilders are at their most confident in history. The National Association of Homebuilders’ index hit an all-time high of 83 in September. Housing starts and building permits increased at annualized paces of 1.42 million and 1.47 million in August, respectively. iShares U.S. Home Construction (ITB) increased 0.64 percent on the week.

Retail sales increased 0.6 percent in August, and sales ex-autos climbed 0.7 percent. SPDR S&P Retail (XRT) returned 1.29 percent for the week.

The Federal Reserve met this week and held interest rate policy steady. Fed officials also put out their quarterly forecast. On average, they do not see rate hikes beginning until 2023. The 10-year Treasury yield closed the week at 0.69 percent.

Initial jobless claims fell to 860,000 this week, down 30,000 from a week ago. Initial claims have stayed elevated with several states still keeping their economies lockdowned. Continuing claims in state unemployment programs fell by nearly 900,000 though, indicating about 1.8 million workers returned to work last week.