Labor Day, GameStop and Kroger earnings and Goldman’s technology conference top week ahead
Nvidia, AMD and Intuit presenting at Goldman's Communacopia + Technology Conference
These are the three things investors need to be thinking about right now
Barron's market editor Ben Levinson, reporter Carleton English and stock pick writer Jacob Sonenshine discuss the new iPhone, interest rates and more on 'Barron's Roundtable.'
U.S. financial markets will be closed in observance of Labor Day Monday, but the following day investors will be greeted with a busy earnings docket and economic data as September begins.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 39186.98 | +1,016.57 | +2.66% |
| SP500 | S&P 500 | 5287.76 | +129.56 | +2.51% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16300.418334 | +429.52 | +2.71% |
The tech-heavy Nasdaq has gained over 34% this year, outperforming both the Dow Jones Industrial Average and the S&P 500.
Nasdaq
US ECONOMY ADDS 187,000 JOBS IN AUGUST, BUT UNEMPLOYMENT RATE UNEXPECTEDLY JUMPS
Monday, Sept. 4
Labor Day — financial markets closed
U.S. stock and bond markets will be closed for Labor Day with trading resuming Tuesday.
Labor Day cookouts could cost Americans 11% more this year due to Inflation: McLemore Boys
The McLemore Boys join ‘Varney & Co’ with details on the cost of a cookout and tips for saving money ahead of Labor Day.
Tuesday, Sept. 5
Goldman Sachs hosts conference
WORKERS NOW DEMANDING NEARLY $80K TO START NEW JOB
The Goldman Sachs Communacopia + Technology Conference will begin Tuesday. Nvidia, AMD and Intuit are all expected to deliver presentations that will be closely watched by investors for updates on business and AI initiatives.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORP. | 98.89 | +1.98 | +2.04% |
| AMD | ADVANCED MICRO DEVICES INC. | 86.26 | +0.70 | +0.82% |
| INTU | INTUIT INC. | 583.56 | +14.72 | +2.59% |
Nvidia has been riding the AI wave, and shares have gained over 230% this year, closing just below the all-time high of $487 and change Friday.
Nvidia
Economic data expected includes total vehicle sales, factory orders and durable goods.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 45.12 | +0.76 | +1.70% |
| F | FORD MOTOR CO. | 9.66 | +0.18 | +1.95% |
| TM | TOYOTA MOTOR CORP. | 178.55 | +4.21 | +2.41% |
Wednesday, Sept. 6
Fed Beige book
GameStop, American Eagle Outfitters and Dave and Buster’s Entertainment will report earnings after the bell on Wednesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 27.78 | +1.00 | +3.72% |
| AEO | AMERICAN EAGLE OUTFITTERS INC. | 11.03 | +0.28 | +2.61% |
| PLAY | DAVE & BUSTER'S ENTERTAINMENT INC. | 19.78 | +0.32 | +1.64% |
The U.S. Federal Reserve will release its Beige Book report on current economic conditions in each of the 12 Federal districts in the U.S.
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference after a Federal Open Market Committee meeting in Washington, D.C., March 22, 2023. (Al Drago/Bloomberg via Getty Images / Getty Images)
JOB OPENINGS DROP MORE THAN EXPECTED IN JULY TO 2-YEAR LOW
Also on Wednesday, the latest data on imports, exports and trade balance will be released.
Thursday, Sept. 7
Jobless claims are slated for the day, with earnings reports expected from DocuSign and Smith & Wesson.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DOCU | DOCUSIGN INC. | 74.20 | +2.31 | +3.21% |
| SWBI | SMITH & WESSON BRANDS | 9.64 | +0.18 | +1.96% |
Mortgage rates will also be closely watched. They are hovering at 7.23% for a 30-year fixed rate.
Friday, Sept. 8
Kroger will report to shareholders Friday, giving the market another look at the impact of inflation as the nation's largest grocer.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KR | THE KROGER CO. | 72.97 | +0.66 | +0.91% |
Shoppers in a Kroger supermarket in Atlanta. (Elijah Nouvelage/AFP via Getty Images / Getty Images)
On the economic front, data on wholesale trade and inventory will be released to close the week.
Jason Furman's warning of Fed's higher inflation target
Former Council of Economic Advisers Chair Jason Furman breaks down Fed Chair Powell's moves on 'Making Money.'