Fresh off another winning month for the stock market and a long Labor Day weekend, traders will kick off September on Tuesday with a shortened week of trading. Highlights include earnings from Broadcom and a critical labor-market report.
Second-quarter earnings season is nearly complete, with more than 95% of S&P 500 index companies having reported results. Earnings were up about 9% on nearly 5% revenue growth compared with second-quarter 2023. Chip maker Broadcom announces its results on Thursday.
The Bureau of Labor Statistics releases the jobs report for August on Friday. The weaker-than-expected July report sent stocks into a three-day tailspin in early August.
Monday 9/2
Equity and fixed-income markets are closed in observance of Labor Day.
Tuesday 9/3
Ascendis Pharma, Gitlab, and Zscaler announce earnings.
The Institute for Supply Management releases its Manufacturing Purchasing Managers' Index for August. Consensus estimate is for a 47.5 reading, nearly one point more than in July.
The Census Bureau reports construction spending data for July. Total construction spending is expected to increase 0.3% month over month to a seasonally adjusted annual rate of $2.2 trillion.
Wednesday 9/4
Casey's General Stores, Ciena, Copart, Dick's Sporting Goods, Dollar Tree, Hewlett Packard Enterprise, and Hormel Foods release quarterly results.
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Economists forecast 8.1 million job openings on the last business day of July, about 100,000 fewer than in June.
The Federal Reserve releases the beige book for the sixth of eight times this year. The report gathers anecdotal information on current economic conditions from the 12 regional banks.
Thursday 9/5
Broadcom, DocuSign, Guidewire Software, NIO, Samsara, Smartsheet, and UiPath hold conference calls to discuss earnings.
ADP releases its National Employment report for August. The consensus call is for an increase of 140,000 in private-sector employment, following a 122,000 gain in July.
The ISM releases its Services Purchasing Managers' Index for August. Expectations are for a 51 reading, roughly even with the July data.
Friday 9/6
The BLS releases the jobs report for August. Economists forecast a gain of 155,000 in nonfarm payrolls, after an increase of just 114,000 in July. The unemployment rate is expected to edge down to 4.2% from 4.3%.
