A look back
- Stocks had a solid week to start September with the S&P 500 closing at a new all-time high on Thursday. The index gained 0.4% on the week, a touch ahead of international developed markets.
- Yields declined, particularly after Friday’s jobs report. The 2-year U.S. Treasury yield ended the week at 3.52%, its lowest close since 2022, while the 10-year yield saw its lowest close since April.
- The highlight of the week was Friday’s jobs report, and the 22,000 jobs added in August was below expectations. The unemployment rate climbed to 4.3% and June’s jobs number was revised to the first monthly decline since 2020.
A look ahead
- Inflation data will be front and center with the Consumer and Producer Price Indices (CPI and PPI) due ahead of next week’s Federal Reserve meeting. Following Friday’s employment report, futures markets are pricing in over a 70% chance of at least three 0.25% rate cuts in 2025.
- Investors will keep an eye on several conferences where companies will provide intra-quarter commentary, while Oracle highlights a handful of off-quarter earnings reports worth monitoring.
- Economic releases: Consumer Credit, PPI, CPI, U. of Michigan Consumer Sentiment.
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