September 2017 General Stock Market Updates

Major indices for the US stock market closed up in September, with the Dow up 2.1%, the S&P 500 up 1.9%, the NASDAQ up 1.0%, and the Russell 2000 up 6.1%. The end of the quarter marked the first time the Dow was positive for eight consecutive quarters in 20 years.

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Notable initial public offerings (IPOs) during the month of September included:

• Roku (NASDAQ: ROKU), known for its streaming software and devices, debuted as a public company on 9/28/17. The company raised $219 million at a valuation of $1.3 billion.
• Chemical producer PQ Group Holdings, Ltd., was listed on the NYSE (NYSE: PQG) on 9/29/17 at $17.50 per share, below the initial range of $21-23.00.
• Angry Birds creator Rovio Entertainment began trading on the Nasdaq Helsinki on 9/29/17, valuing the company at just above $1 billion.

Notable mergers and acquisition (M&A) announcements this past month included:

• John Deere (NYSE: DE) announced it would acquire startup Blue River Technology for $305 million. The acquisition will provide machine-learning robotic technology to enhance John Deere’s precision offerings.
• Jet-engine manufacturer United Technologies (NYSE: UTX) agreed to acquire aircraft parts manufacturer Rockwell Collins (NYSE: COL) for $30 billion.
• Albertsons Companies, one of the nation’s largest grocery retailers, acquired meal-kit service Plated. Plated will continue to sell its meal kits through its online subscription service but will also offer meal kits in Albertsons stores.

Major economic news announcements during the month included:

• The GOP released a framework for tax reform late in the month. Among its stipulations are reduced taxes for businesses, fewer tax rates for individuals, and increases in the standard deduction as well as the child tax credit.
• Consumer confidence dipped more than expected, after hitting a seven-month high in August. Though consumers are still optimistic, the decline may have been a result of the hurricanes that affected Texas and Florida.
• US new home sales fell to an eight-month low in August, falling 3.4%, compared to economist estimates of 3.3% growth.