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U.S. stocks appear on track to start the new week on a positive note, following their steep sell-off in the week ended Sept. 6 on macro concerns. Bargain hunting in beaten-down tech stocks could give the market a lift even as traders remain wary about the week’s twin inflation reports that precede the Sept. 17-18 Federal Reserve’s rate-setting meeting. Another key catalyst for the week will be Tuesday’s presidential debate, which many opine could break the deadlock seen between the two leading contenders in the race.
Apple, Inc.’s (NASDAQ:AAPL) hardware launch event, dubbed Glowtime, could provide an impetus to the tech space, although this annual affair has largely been neutral to negative to the stock. This time could be different, given the new iteration of Cupertino’s flagship product would come armed with Apple Intelligence, which is widely expected to kickstart a massive iPhone upgrade cycle.
| Futures | Performance (+/-) |
| Nasdaq 100 | +0.98% |
| S&P 500 | +0.78% |
| Dow | +0.66% |
| R2K | +0.20% |
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) climbed 0.76% to $544.45 and the Invesco QQQ ETF (NASDAQ:QQQ) jumped 0.97% to $453.04, according to Benzinga Pro data.
Cues From Last Week: Weak economic data proved to be the undoing of the market in the truncated week ended Sept. 6, sending the major averages to their lowest levels since mid-August. Weak manufacturing data and a trio of disappointing labor market data, including the job openings for July, the ADP private sector payrolls and the Bureau of Labor Statistics’ non-farm payrolls report for August.
The S&P 500 recorded the worst weekly declines in about a year-and-a-half, according to Marketwatch. Weighing in on the weakness, LPL Chief Global Strategist Quincy Krosby said, “Markets have had to grapple with – just as the Fed is doing – whether the August payroll data reflects a labor market normalizing towards pre-Covid levels or whether it’s indicative of an economy losing dangerous momentum.”
Techs, which have led the rally in the current bull run, reversed course, serving a drag. Negative reaction to artificial intelligence technology-levered chipmaker Broadcom Corp’s (NASDAQ:AVGO) earnings aggravated the weakness toward the space.
| Index | Weekly Performance (+/) | Value |
| Nasdaq Composite | -5.77% | 16,690.83 |
| S&P 500 Index | -4.25% | 5,408.42 |
| Dow Industrials | -2.93% | 40,345.41 |
| Russell 2000 | -5.69% | 2,091.41 |
Insights From Analysts:
As the market grapples with uncertainties on several fronts, fund manager Louis Navellier sees some resolution at least on one front. “The good news is all the political distractions and any uncertainty are expected to diminish,” he said, adding that he expects a leading candidate to emerge after the Sept. 10 debate. ‘
“Our stock market (and homes) allows households to enrich themselves, which in turn fuels more optimism As a result, America tends to elect a cheerleader as President who will promote the American dream,” he said.
Carson Group Chief Investment Strategist Ryan Detrick reiterated over the weekend his expectations for volatility ahead. That said, he does not see a fall off a cliff. “No, we don’t expect things to spiral out of control, but after stocks gained 9 of the past 10 months, the odds of seasonal weakness have increased,” he said.
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Upcoming Economic Data:
The unfolding week’s economic calendar is fairly light but two key economic reports could create ripples in the market. Traders are likely to stay tuned to the August consumer and producer price inflation reports due on Wednesday and Thursday, respectively. The weekly jobless claims report and the University of Michigan’s preliminary consumer sentiment data for September and the inflation expectations readings of the same report may also be on traders’ radar ahead of next week’s Federal Open Market Committee meeting.
Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil futures rose over a percent and gold futures were little changed, while Bitcoin (CRYPTO: BTC) traded just over $55k level by virtue of an over 1% gain over the past 24 hours. The 10-year Treasury note yield rose 4.7 points to 3.757%.
Most Asian markets retreated, reacting to Wall Street’s sharp slump on Friday, while European stocks are rebounding on bargain hunting. The gains across the Atlantic have come despite the release of some sour domestic data.
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