Wall Street week ahead: Jobs data, Jerome Powell’s speech, manufacturing & services PMIs in focus

Wall Street in the week ahead is expected to be guided by several economic data such as jobs report for September, S&P manufacturing and services PMIs.

The employment numbers could impact investors’ views on the Federal Reserve’s next move at its monetary policy meeting on November 6-7.

Market participants will also closely watch Fed Chairman Jerome Powell’s speech on the economic outlook at the National Association for Business Economics event on Monday.

Economic events

On September 30 (Monday), data on Chicago Business Barometer (PMI)for September will be released. Federal Reserve Chair Jerome Powell’s speech is also scheduled at an event on the same day.

On October 1 (Tuesday), separate reports on S&P final US manufacturing PMI and ISM manufacturingfor September, data on job openings for August and TBA auto sales for September will be released.

On October 2 (Wednesday), a report on ADP employment for September will be declared.

On October 3 (Thursday), separate reports on S&P final US services PMI and ISM services for September, and factory orders for August will be released.

On October 4 (Friday), data on US non-farm payroll, unemployment rate, and hourly wages for September will be issued.

Earnings

Following companies are due to report second quarter earnings in the week ahead — Carnival, Nike, Paychex, McCormick & Company, Lamb Weston, Cal-Maine Foods, Levi Strauss, RPM International, Conagra Brands, and Constellation Brands.

US markets last week

US stock markets closed another record-setting week with a muted performance on Friday after a subdued inflation report for August.

The Dow Jones Industrial Average rose 137.89 points, or 0.33 per cent, to 42,313.00, the S&P 500 lost 7.20 points, or 0.13 per cent, to 5,738.17 and the Nasdaq Composite lost 70.70 points, or 0.39 per cent, to 18,119.59.

In the bond market, the yield on the 10-year US Treasury fell to 3.75 per cent from 3.80 per cent. The 2-year Treasury yield eased to 3.56 per cent from 3.63 per cent.