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- Friday September 6 @ 9:00am
Friday September 6 @ 9:00am
KevinD
September 06, 2024
"Strength does not come from winning. Your struggles develop your strengths."
📺️ Programming Note
On Fridays during the summer we’ll be publishing a condensed version of our regular newsletter. Economic and earnings events for the day, along with some brief commentary will be included, however, we will not be able to cover overnight and pre-market action. Enjoy your weekend!
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Average Hourly Earnings m/m: 0.3% expected, 0.2% previous. Shows the monthly change in the price businesses pay for labor, excluding the farming industry. (link)
8:30am Non-Farm Employment Change: 164K expected, 114K previous. The monthly change in the number of employed people during the previous month, excluding the farming industry. (link)
8:30am Unemployment Rate: 4.2% expected, 4.3% previous. The percentage of the total workforce that is unemployed and actively seeking employment. (link)
8:45am FOMC Member Williams Speaks at the Council on Foreign Relations, in New York. (link)
11:00am FOMC Member Waller Speaks about the economic outlook at the University of Notre Dame, in Indiana. (link)
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
None
Pre-Market Monday:
None
💬 Commentary
While the market saw some intraday volatility following soft payroll data that heightened existing jitters, stocks ended the session mixed. The Nasdaq (QQQ) edged up 0.1%, driven by strong performance from the Mag 7, which, excluding Microsoft, strongly outperformed the S&P500. Meanwhile, the SPY slipped 0.25%, and IWM fell by 0.5%. Nine out of eleven major sectors closed lower, with consumer discretionary and communications the only gainers, up 1.1% and 0.3% respectively. Health care, industrials, and financials were the weakest sectors, each dropping more than 1%.
This morning’s Non-Farm Payrolls report serves as a critical test for the market, with a 41% probability priced in for a 50 bps rate cut at the upcoming September 18 FOMC meeting. A cut of that magnitude could potentially unsettle markets, so an in-line jobs report may offer the best outcome, helping to restore some confidence ahead of next week's CPI inflation data.
⛵ When you’re ready…
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