MARKETS
Federal Reserve Chair Jerome Powell said in a statement last week following the U.S. central bank’s decision to bump up interest rates another 75 basis points that the labor market is “moving back into balance” and is only at “the beginning of an adjustment” rather than weakening.
Index Savers (AAPL) and Amazon (AMZN) helped boost Investor confidence; however among S&P 500 companies that have reported results so far for Q2, companies are reporting earnings that are only 3.1% above estimates.
Economic Calendar for Week ending 8/04 with guidance
Monday: S&P Global U.S. Manufacturing PMI, July final (52.3 expected, 52.3 during prior month), Construction Spending, month-over-month, June (0.3% expected, -0.1% during prior month), ISM Manufacturing, July (52.0 expected, 53 during prior month), ISM Prices Paid, July (73.5 expected, 78.5 prior month), ISM New Orders, July (49 expected, 49.2 during prior month), ISM Employment, July (48.2 expected, 47.3 during prior month)
Tuesday: JOLTS job openings, June (10.994 million expected, 11.254 million during prior month), Wards Total Vehicle Sales (13.5 million expected, 13 million during prior month)
Wednesday: MBA Mortgage Applications, week ended July 29 (-1.8% during prior week), S&P Global U.S. Services PMI, July final (47 expected, 47 during prior month), S&P Global U.S. Composite PMI, July final (47.5 during prior month), Durable Goods Orders, June final (1.9% during prior month), Nondefense Capital Goods Orders Excluding Aircrafts, June final (0.5% during prior month), Nondefense Capital Goods Shipments Excluding Aircrafts, June final (0.7% during prior month), ISM Services Index (54 expected, 55.3 during prior month), Factory Orders Excluding Transportation, June (1.7% during prior month), Durables Excluding Transportation, June final (0.3% during prior month)
Thursday: Challenger Job Cuts, year-over-year, July (58.8% during prior month), Trade Balance, June (-$80.0 billion expected, -$85.5 billion during prior month), Initial Jobless Claims, week ended July 30 (258,000 expected, 256,000 during prior week), Continuing Claims, week ended July 23 (1.359 during prior week)
Friday: Change in Nonfarm Payrolls, July (250,000 expected, 372,000 during prior month), Change in Private Payrolls, July (225,000 expected, 381,000 during prior month), Change in Manufacturing Payrolls, July (20,000 expected, 29,000 during prior month), Unemployment Rate, July (3.6% expected, 3.6% during prior month), Average Hourly Earnings, month-over-month, July (0.3% expected, 0.3% during prior month), Average Hourly Earnings, year-over-year, July (4.9% expected, 5.1% prior month), Average Weekly Hours All Employees, July (34.5 expected, 34.5 during prior month), Labor Force Participation Rate, July (62.2% expected, 62.2% during prior month), Underemployment Rate, July (6.7% prior month), Consumer Credit, June ($25 billion expected, $22.347 billion during prior month)
