The stock market is experiencing a rally as anticipation builds ahead of the August payrolls report. This follows a month of mixed trading in August. Futures tied to the Dow Jones Industrial Average show promise with a gain of 125 points, translating to 0.40% growth. Meanwhile, S&P 500 futures indicate a rise of 0.40%, and Nasdaq 100 futures follow suit with a 0.20% climb.
The morning brings good news for certain companies, further fueling investor optimism. Database software provider MongoDB and tech giant Dell Technologies have both exceeded expectations, seeing impressive hot stock gains of 6.00% and 9.00% in extended trading, respectively. The athletic apparel retailer Lululemon Athletica also delivers a strong performance by surpassing Wall Street’s estimates, propelling its shares up by 2.00%.
All eyes are on the imminent release of the August jobs report, scheduled for 8:30 a.m. ET. According to economists polled by Dow Jones, the U.S. economy is anticipated to add 170,000 jobs last month. Investors and traders are holding their breath, hopeful that this report will indicate a meaningful economic slowdown. Such a slowdown might give the central bank a compelling reason to halt its benchmark interest rate hikes temporarily.
Alex McGrath, Chief Investment Officer for NorthEnd Private Wealth, provides some insight into the situation. He notes, “We are in the camp that we will get at least one more rate hike out of the Fed.” This perspective is based on recent increases in commodity prices. They should have an impact on personal consumption expenditures and consumer price index numbers from August to September. McGrath speculates, “If you kind of get in that sticky range where inflation is not decreasing or even increasing slightly, I think that’s going to spur further Fed action, and whether that happens in September or October, it’s anyone’s best guess.”
As Thursday marked the close of a turbulent month for stocks, there were glimmers of hope. Recent positive sessions managed to reduce the monthly losses that stock indexes had incurred. The S&P 500 saw a decline of 1.77%, while the Nasdaq experienced a drop of 2.17%. The 30-stock Dow Jones Industrial Average ended August with a loss of 2.36%.
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