Friday
- U.S. labor data showed only 22,000 jobs added in August versus 75,000 expected, pushing unemployment to 4.3%, its highest since late 2021. Markets responded with Treasury yields falling and the dollar weakening, while pricing in a 99% chance of a September Fed rate cut.
- Auto stocks gained on GST reform hopes, while tech stocks declined due to tariff worries. The S&P 500 rose 0.4%, Nasdaq 0.6%, and Dow 0.3%, all reaching new highs.
Thursday
- US job openings data declined more than anticipated, bolstering expectations for Federal Reserve rate cuts, while the dollar index holds above 98 ahead of employment reports. Tech stocks are leading modest gains in futures markets.
- Gold has surged to record highs above $3,635, marking a 38% year-to-date increase amid growing institutional demand and expectations of lower interest rates. The precious metal’s rally has been supported by anticipated dollar weakness.
Wednesday
- Alphabet shares surged 7% following a favorable antitrust ruling, lifting both the S&P 500 and Nasdaq at Wednesday’s open. The Dow Jones Industrial Average traded slightly lower.
- Gold prices reached new record highs above $3,550, driven by safe-haven demand and rate cut expectations. Oil prices declined nearly 2% to $64.47 per barrel.
- Tech stocks rallied broadly, with Apple gaining on preserved search revenue from its partnership with Google. European markets traded higher while Asian markets closed lower.
Tuesday
- US futures declined ahead of crucial labor reports while Eurozone inflation increased to 2.1% in August, causing European stocks to fall.
- Asian trading was mixed with Japan’s Nikkei gaining 0.3% and China’s Shanghai Composite falling 0.45%, while gold reached a new record above $3,500 per ounce.
- Oil prices surged over 2% due to supply concerns related to Russia-Ukraine tensions, while the dollar remained near five-week lows with markets anticipating a 90% probability of a September Fed rate cut.
Monday
- US index futures held steady on Monday as markets digested a federal appeals court ruling that struck down most of former President Donald Trump’s global tariffs. With the NYSE and Nasdaq closed for Labor Day, futures on the S&P 500 and Nasdaq 100 were little changed as of 9:31 a.m. in New York.
- Friday saw U.S. stocks pull back from record highs as investors took profits after the Fed’s preferred inflation gauge showed persistent strength. September, historically the weakest month for U.S. equities, is expected to bring portfolio rebalancing by institutions, lighter retail flows, and higher volatility.
- Strategists at Evercore ISI, led by Julian Emanuel, argue that investors shouldn’t fear a near-term correction, projecting 20% upside for the S&P 500 by the end of 2026. This week’s earnings calendar features Salesforce (Wednesday) and Broadcom (Thursday), keeping attention on the tech sector.
- Markets now face a critical stretch, with key jobs data, inflation readings, and the Fed’s rate decision due over the next three weeks. These events will help determine whether Wall Street’s record rally extends or loses momentum.
