Stocks in the S&P 500 marked several record closes last week, supported by signs of easing inflation and continued economic growth. The S&P 500 and Dow Jones Industrial Average were up around 0.7%, while the Nasdaq Composite saw almost a 1% increase.
As we look ahead to the coming week, investors are eager for the September jobs report to gain further insights into the state of the labor market. Additionally, updates on job openings, activity in various sectors, and consumer confidence will be closely monitored.
On an individual company level, all eyes will be on Tesla for its delivery update and Nike for its quarterly results.
The Federal Reserve has been focusing on maintaining maximum employment as inflation cools towards its target of 2%. With Federal Reserve Chair Jerome Powell emphasizing the importance of a solid labor market, investors are keen to see the extent of the ongoing labor market slowdown.
Wall Street consensus indicates expectations for the September jobs report to reflect a modest cooling rather than a swift decline. The release is anticipated to show 130,000 nonfarm payroll jobs added with an unemployment rate holding steady at 4.2%. Recent data on weekly jobless claims suggests a positive trend, with claims at a four-month low.
Nike is set to unveil its fiscal first-quarter earnings after the bell on Tuesday, with projections for revenue and earnings per share down from the previous year as the company works on reviving growth.
Meanwhile, Tesla stock has been on the rise, with shares climbing over 24% in the past month. The company is expected to announce its third-quarter delivery numbers, with analysts forecasting an increase from the previous quarter.
As investors look towards growth, the Federal Reserve’s recent interest rate cut has been seen as a move to support the healthy economy rather than salvage a weak one. Analysts stress the importance of consumer spending and the impact it has on equity markets.
In summary, amid ongoing economic developments, investors will focus on key indicators such as job reports and earnings releases to gauge the health of the market. Stay updated with the latest financial news and updates on Extreme Investor Network for valuable insights and analysis.