Wall Street week ahead: Jobs data for August, other economic reports in focus
On Wall Street in the week ahead, focus of investors will be on key economic data reports which include jobs data for August, data on consumer confidence for August, pending home sales for July, and ISM manufacturing data for August.
The US non-farm payrolls report for August will be released on Friday, September 1.
Data on initial jobless claims for the week ended August 26 will be released on August 31.
A report on consumer confidence for August will be released on Tuesday.
On September 1, a report on ISM manufacturing for August will also be released.
In the week ahead, earnings reports are due from following companies – Nordic American Tankers, Baozun, Best Buy, J. M. Smucker, PDD Holdings, Bank of Montreal, HP, NIO, Bank of Nova Scotia, Salesforce, CrowdStrike, Brown-Forman, Five Below, Campbell Soup, Broadcom, UBS Group, VMware, Dell Technologies, and Lululemon.
On Friday, US stocks rose after Jerome Powell said that Federal Reserve would proceed carefully on interest rates.
The S&P 500 climbed 29.40, or 0.7%, at 4,405.71. The Dow Jones Industrial Average rose 247.48 points, or 0.7%, at 34,348.90. The Nasdaq composite gained 126.67, or 0.9%, at 13,590.65.
At Jackson Hole conference last week, Powell signaled that the Fed may raise interest rates again, if needed.
The US central bank’s next monetary policy meeting is on September 20.
The US dollar on Friday rose at 146.35 Japanese yen from 145.86. It fell at $1.0807 from $1.0810 against the euro.
The yield on 2-year treasury rose to 5.07% Friday from 5.02% Thursday.
The US crude oil benchmark for October delivery rose 78 cents at $79.83 a barrel on Friday. Brent crude for October delivery rose $1.12 at $84.48 a barrel.
Gold for December delivery fell $7.20 at $1,939.90 an ounce on Friday. Silver for September delivery was unchanged at $24.23 an ounce.
Download The Mint News App to get Daily Market Updates.
Updated: 27 Aug 2023, 11:07 PM IST
