Price Return Last Week
S&P 500 (4.3%) S&P Mid Cap (4.9%) Russell 2000 (5.7%)
MSCI EAFE (2.9%) MSCI EM (2.3%)
10 Yr US Treasury Rate – fell from 3.91% to 3.71%
Source: Refinitiv Eikon
Recent News
Jobs Report – August: 142k (Reuters Poll est. 160k) July: 89k
More jobs were added in August than in the previous month but the report fell slightly below expectations. The number of jobs added in the previous two months was also revised lower by 86,000 jobs, highlighting a softening labor market. The updated number of jobs added in July was just 89,000, the lowest gain since December 2020.
Source: Refinitiv Eikon, Thomson Reuters
Equity Markets Fall – The S&P 500 started September down over 2% on the first trading day of the month and continued to decline, ending the week down 4.3%. This represents the worst weekly decline for the index since March 2023. While past performance is no guarantee of future results, the last 13 times the market was down over 2% to start the month, it finished higher at the end of the month.
Source: Refinitiv Eikon, J.P. Morgan
Oil Prices Fall Below $70 – The price of U.S. crude oil fell to under $69 on Tuesday, the lowest level since December 2023. Weak economic data from China is seen as a major factor in declining oil prices. Subsequent to the large drop on Tuesday, it was reported that the oil production hike set to start in October by OPEC+ members will be delayed.
Source: CNBC.com, Thomson Reuters
Presidential Debates – 51 million viewers tuned in to watch President Biden debate former President Donald Trump in June, the lowest viewership total for a presidential debate since John Kerry debated President George W. Bush in 2004. The largest audience ever reported for a presidential debate was for the debate between Hillary Clinton and former President Trump in 2016, which drew 84 million viewers.
Source: Pew Research Center, CBS News
Upcoming Events
9/9 – Apple iPhone Event, Notable Earnings Reports: Oracle
9/11 – CPI
9/12 – PPI, ECB Decision, Notable Earnings Reports: Kroger, Adobe
9/13 – Consumer Confidence
Source: Refinitiv Eikon
Comments