Wall Street week ahead: Spotlight on jobs data, manufacturing PMI

On Wall Street in the week ahead, investors will have a plenty of economic data to look forward to, with the spotlight on the jobs market data and the manufacturing PMI report. 

As this month the US Federal Reserve’s monetary policy meeting is slated to be held, the non-farm payrolls data for August can provide clues on Fed’s interest rate decision.

Economic events

On September 2 (Monday), the stock markets will be closed for Labor Day holiday.

On September 3 (Tuesday) , two separate reports on S&P’s final US manufacturing PMI and ISM manufacturing for August will be released.

On September 4 (Wednesday), data on US trade deficit for July, job openings for July, factory orders for July, and TBA Auto sales for August will be declared.

September 5 (Thursday) will see the release of reports on ADP employment for July, revised US productivity for second quarter, S&P’s final US services PMI for August, and ISM services fpr August.

On September 6 (Friday), US employment report, unemployment rate, and hourly wages for August will be released.

Earnings 

Following companies are due to report second quarter earnings in the week ahead — Zscaler, GitLab, PagerDuty, Hewlett Packard Enterprise, Dollar Tree, DICK'S Sporting Goods, Casey's General Stores, C3.ai, ChargePoint Holdings, Broadcom, DocuSign, Samsara, NIO, Rent the Runway, and Planet Labs.

US markets last week 

US stocks ended higher on Friday after the fresh economic data raised expectations that the Federal Reserve will cut interest rates in September.

US consumer spending increased solidly in July.

The Personal Consumption Expenditures (PCE) price index, which is the Federal Reserve's preferred inflation gauge, ticked up on a monthly basis from 0.1 per cent in June to 0.2 per cent in July. The index was steady at 2.5 per cent on an annual basis.

The S&P 500 climbed 1.01 per cent to end at 5,648.40 points. The Nasdaq Composite Index surged 1.13 per cent to 17,713.62 points, while the Dow Jones Industrial Average rose 0.55 per cent to 41,563.08 points.

For the month, the S&P 500 rose 2.3 per cent, the Dow added 1.8 per cent and the Nasdaq climbed 0.6 per cent.

The yield on the 10-year Treasury rose to 3.92 per cent on Friday  from 3.86 per cent late Thursday.