US Market cont'd to rally this Week ?
Twin Peaks.
Two economic reports out last Fri, 30 Aug 2024 helped to push US market to close on a “high”.
The 2 reports were:
Personal spending - July 2024.
Core Personal Consumption Expenditure (PCE) - July 2024.
Oon Friday, all indexes closed on a high. (see above)
DJIA: +0.55% (+228.03 to 41,5636.08, recording wins for last week.
S&P 500: +1.01% (+56.44 to 5,648.40) posts 4th straight winning month.
Nasdaq: +1.13% (+197.19 to 17,713.62) but overall dragged down by Tech losses.
Personal Spending report.
US consumer spending had a solid finish in July 2024, implying US economy remained on firmer ground early in the Q3 2024.
It rose by +0.5% after advancing by an unrevised +0.3% in June 2024,
Economists polled by Reuters had forecast spending would accelerate by 0.5% also.
As a result, data runs against the touted half-percentage-point (-0.50%) interest rate cut from the Fed, come mid-September.
Consumer spending report from US Commerce Department also showed prices rising moderately in July 2024, curbing inflation.
Personal Consumption Expenditure report.
July PCE Inflation Highlights
Headline PCE (MoM) rose by +0.2%, in line with FactSet consensus forecast, following an increase of 0.1% in June 2024.
Core PCE (MoM) rose by +0.2%, in line with forecasts, following an increase of same quantum in June 2024.
Headline PCE (YoY) rose +2.5%, below forecasts of 2.6% increase, following an increase of the same amount in June 2024.
Core PCE (YoY) rose +2.6%, below forecasts of 2.7% increase, following an increase of the same quantum in June 2024.
As noted by Morningstar, Chief US economist, Preston Caldwell — “Core” inflation has fallen to a 2.1% annualized rate in the past 3 months, after jumping to 5.5% in March, caused by a spike in “Financial services” category.
US Jobs and Labour reports will take centerstage in this new trading week & month of September 2024.
Will they be able to fuel US market higher this week?
Jobs opening & Labour turnover surveys (JOLTs) - Tue, 03 Sep.
US ADP employment report - Wed, 04 Sep.
US weekly jobless claims - Thu, 05 Sep.
US Non-farm payroll - Fri, 06 Sep*.
US Unemployment report - Fri, 06 Sep*.
‘*’ - reports that will generate most interest and exert most influence on US market.
Quarterly Earnings.
Companies’ quarterly earnings will continue to be released until 26 Sep 2024; with the bulk of meg cap companies already completed theirs; leaving a handful of companies to report.
Below is possible interest for the week:
$Broadcom(AVGO)$ - Fri, 06 Sep.
$Docusign(DOCU)$ - Fri, 06 Sep.
$NIO Inc.(NIO)$ - Fri, 06 Sep.
Will September 2024 be one of the months when the S&P 500 went up in month of September since 1928?
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Do you think US market will continue to power through the 1st week of September ?
Do you think September 2024 will be part of 44% of September since 1928 that performs well ?
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