Jobs report, inflation data, Best Buy earnings, US Open top week ahead
The US economy may have added 170,000 jobs in August: Trading Economics
It will be a busy week on Wall Street as investors gear up for several reports on the health of the job market, including the government's report for August, as well as more earnings, including a couple of big retailers.
As for stocks, all three of the major market averages finished higher on Friday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38386.09 | +146.43 | +0.38% |
| SP500 | S&P 500 | 5116.17 | +16.21 | +0.32% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15983.084278 | +55.18 | +0.35% |
The Nasdaq led weekly gains, rising over 2%.
Nasdaq
Monday, Aug. 28
U.S. Commerce Secretary Gina Raimondo is visiting Shanghai and Beijing to discuss business relations between the U.S. and China. The trip comes as the race for semiconductor dominance heats up as companies, including Intel, move to make more chips domestically.
Secretary of Commerce Gina Raimondo listens as President Biden participates virtually in a meeting on the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act. (Anna Moneymaker / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTC | INTEL CORP. | 31.36 | -0.52 | -1.63% |
MLK 60 Years Ago
President Biden and Vice President Kamala Harris will meet with relatives of the Rev. Martin Luther King Jr. on Monday to observe the 60th anniversary of the March on Washington.
The Rev. Dr. Martin Luther King Jr. waves to supporters on Aug. 28, 1963, during the March on Washington. ( / Getty Images)
On Wall Street, the week will kick off with limited economic and earnings reports.
And the U.S. Open officially begins in Queens, New York, and runs through the week. Last year, icon Serena Williams played her final match there before retiring.
A general view of the U.S. Open match between Serena Williams and Anett Kontaveit at the USTA National Tennis Centre on Aug. 31, 2022, in Queens, New York City. (Tim Clayton/Corbis via / Getty Images)
FED'S POWELL SIGNALS INFLATION FIGHT NOT OVER, MORE RATE HIKES POSSIBLE
Tuesday, Aug. 29
Retailers and Thefts
More retail earnings are slated for Tuesday after Target, Footlocker and Dick's Sporting Goods all warned of rising in-store theft.
Best Buy, Big Lots and Shoe Carnival are all reporting to shareholders before the opening bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBY | BEST BUY CO. INC. | 75.00 | -0.05 | -0.07% |
| BIG | BIG LOTS INC. | 3.56 | +0.09 | +2.59% |
| SCVL | SHOE CARNIVAL | 34.17 | -0.36 | -1.04% |
On the economic front, the Case-Shiller Home Price index and job openings are expected.
The JOLTS report last listed just under 10 million job openings, down from a record 12 million. Economists expect the latest data to be little changed.
JOB OPENINGS DROP TO 2-YEAR LOW
Wednesday, Aug. 30
Inflation gauge
The latest data from the core PCE index will be released as consumers and investors alike get a closer look at what they are spending for goods and services.
Fed Chairman Jerome Powell walks the grounds at the Jackson Hole economic symposium in Moran, Wyoming, on Thursday, Aug. 24, 2023. (David Paul Morris/Bloomberg via)
"Although inflation has moved down from its peak – a welcome development – it remains too high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective," Federal Reserve Chair Jerome Powell said at the Jackson Hole Symposium.
Thursday, Aug. 31
Wall Street will get an inside look at retail theft and discretionary spending on Thursday as Dollar General, Academy Sports and Campbell Soup report to shareholders.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DG | DOLLAR GENERAL CORP. | 141.15 | -0.92 | -0.65% |
| ASO | ACADEMY SPORTS & OUTDOORS INC. | 60.76 | +0.04 | +0.07% |
| CPB | CAMPBELL SOUP CO. | 44.93 | +0.08 | +0.18% |
Economic data will include personal income and jobless claims.
T-MOBILE SLASHING 5,000 JOBS TO BOOST EFFICIENCY
Friday, Sep. 1
The government's August jobs report is expected to show employers added 170,000 positions, slightly below the 187,000 created in July. This as the unemployment rate is expected to hold at 3.5%, according to Trading Economics.
Non-Farm Payrolls: +170,000 vs. 187,000
Unemployment rate: 3.5%
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FOX Business reporter Megan Henney contributed to this report.