Mon:Labor Day Holiday - U.S. Stocks Closed
Tues: ISM Mfg. PMI; $ZS Earnings
Wed: JOLTs; Fed Beige Book; $DLTR $DKS $AI Earnings
Thurs: ADP Payrolls, Jobless Claims, ISM Services PMI; $AVGO $NIO Earnings
Fri: Jobs Report; Fed’s Waller Speech ⚠️
- Global equities began September on the back foot as investors prepared for what’s typically considered the most challenging month for stocks.
- US equity futures softened after the S&P 500 came close to an all-time high on Friday. The dollar was steady, while cash Treasuries were closed for the US Labor Day holiday.
- September has been a notably poor month for stocks over the past four years, while the dollar typically outperforms.
- The trend may continue, especially with the upcoming US jobs report on Friday, serving as a guide to how quick, or slow, the Federal Reserve will cut rates and as the US election campaign gets into full swing.
- Traders are pricing the US easing cycle will begin this month, with a roughly one-in-four chance of a 50 basis-point cut.
- Two days before Friday’s report, the government will issue figures on July job vacancies. The number of open positions, a measure of labor demand, is seen easing to a three-month low of 8.1 million — just above a more than three-year low.
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