It’s going to be a busy week Wall Street Investors are bracing for several reports on the health of the labor market, including the government’s August report, as well as more earnings, including from two major retailers.
As for stocks, the averages of the three major markets ended higher on Friday.
The Nasdaq index led the weekly gain, up more than 2%.
US Secretary of Commerce Gina Raimondo is visiting Shanghai and Beijing to discuss trade relations between the US and China. The trip comes as the race for semiconductor dominance intensifies as companies, including Intel, move to manufacture more chips locally.
MLK for 60 years
President Biden and vice president Kamala Harris He will gather with relatives of Rev. Martin Luther King Jr. on Monday to celebrate the 60th anniversary of the March on Washington.
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On Wall Street, the week will start with limited economic reports and earnings.
The US Open officially begins in Queens, New York, and runs all week. Last year, icon Serena Williams played her final match there before retiring.
Retailers and theft
more retail profits It’s scheduled for Tuesday after Target, Footlocker and Dick’s Sporting Goods reported an increase in in-store theft.
Best Buy, Big Lots and Shoe Carnival all report to shareholders before the opening bell.
On the economic front, the Case-Shiller Home Price and Employment Opportunity Index is expected.
The JOLTS report last time listed just under 10 million jobs, down from a record of 12 million. Economists expect the latest data to change slightly.
Employment opportunities drop to their lowest level in two years
Inflation measure
The latest data from the core personal consumption expenditures index will be released as consumers and investors alike take a closer look at what they spend on goods and services.
“Although inflation has come down from its peak – a welcome development – it remains very high. We stand ready to raise interest rates further if appropriate, and intend to keep policy at a restrictive level until we are confident that inflation is moving sustainably. Towards our goal Federal Reserve Chairman Jerome Powell said in his speech: Jackson Hole Symposium.
Wall Street will get an inside look at retail robbery and discretionary spending on Thursday, as Dollar General, Academy Sports and Campbell Soup report to shareholders.
Economic data will include personal income and unemployment claims.
T-MOBILE cuts 5,000 jobs to boost efficiency
The government’s jobs report for August is expected to show that employers added 170,000 jobs, just below the 187,000 jobs created in July. This is as the unemployment rate is expected to remain at 3.5%, according to Trading Economics.
Nonfarm Payroll Report: +170,000 vs. -187,000
Unemployment rate: 3.5%
FOX Business correspondent Megan Heaney contributed to this report.
