By Bill Hornbarger, Chief Investment OfficerPrint This Post
Three Things to Watch
- After Friday’s shellacking, the S&P 500 is down 1.76% in August and 14.87% for the year. Fed Chairman Jerome Powell’s speech at the Jackson Hole symposium has resulted in a change in sentiment regarding how aggressive the Fed will be in continuing to raise rates to fight inflation. Stock futures remained under pressure over the weekend in Asia and the U.S., and all eyes will be sharpened see if stocks can stabilize and finish a second consecutive month higher.
- The economic data calendar is full including readings on consumer confidence, construction spending and the two main events, Institute for Supply Management manufacturing survey and the August employment report on Thursday and Friday, respectively. The overall ISM report is expected to come in at 52, which would be down slightly from last month. In the July ISM survey both new orders and employment slipped into negative territory. Friday’s employment report is expected to show a 300,000 gain in non-farm payrolls with the unemployment rate steady at 3.5%.
- The energy markets will also be in focus, particularly in Europe. Gazprom will be stopping gas flows through the Nord Stream pipeline for three days for maintenance.
Three Things to Know
- September has traditionally been the worst month for the S&P 500 Index, with an average loss since 1945 of 0.6%. (Source: Seeking Alpha)
- A recent study by The Vacationer found that more than 53% of people have Labor Day travel plans and of that, 14% plan to fly and 35% will drive. According to Airbnb, this year’s top trending cities include: Columbus, Ohio; Raleigh, North Carolina; Tampa, Florida; North Kingstown, Rhode Island; Jacksonville, Florida; Cambridge, Massachusetts; San Francisco, California; Reno, Nevada; St. Petersburg, Florida; and North Charleston, South Carolina. (Source Today.com)
- On Aug. 29, 1997 Netflix was founded in California as a DVD rental service and didn’t become an online streaming service until 2007. (Source: The Fact Site)
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.