Monday August 29, 2022: $161.38 -($2.24) -(1.37%)
Aug 29, 2022 1:17:12 GMT -8
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Post by Dave on Aug 29, 2022 1:17:12 GMT -8
Hello Monday, the last one for this month. It looks as if the slippery slope from Friday will continue today. This morning’s pre-market is red at -1.47% at this moment.
What to Expect in the Markets Next Week
What to Expect in the Markets Next Week
KEY TAKEAWAYS
-Corporate earnings reports are expected from Baidu, HP, Chewy, Best Buy, Lululemon Athletica, and Campbell Soup Company, among others.
-The latest Job Openings and Labor Turnover Survey (JOLTS) will be released Tuesday, offering data on job openings, hires, quits, and separations for the month of July.
-Payroll services provider ADP will release its National Employment Report on Wednesday, tracking growth in private sector payrolls throughout June, July, and August.
-The BLS will release its latest nonfarm payrolls report on Friday, indicating whether the U.S. economy continued to add jobs in August.
-Updates on national home prices are expected on Tuesday with the release of S&P's Case-Shiller National Home Price Index and Freddie Mac's House Price Index (HPI), tracking price growth in June.
-PMI figures from the Institute for Supply Management (ISM) will provide an update on the strength of the U.S. manufacturing sector.
Events Calendar:
Monday, August 29
Pinduoduo (PDD), Heico Corp. (HEI), and Catalent Inc. (CTLT) report earnings
Dallas Fed Manufacturing Index (Aug)
Tuesday, August 30
Bank of Montreal (BMO), Baidu (BIDU), CrowdStrike (CRWD), HP (HPQ), Chewy (CHWY), Best Buy (BBY), Big Lots (BIG), and China Eastern Airlines (CEA) report earnings
S&P Case-Shiller Home Price Index (June)
Freddie Mac National House Price Index (June)
JOLTS Job Openings, Quits, and Separations (July)
Wednesday, August 31
Brown Forman (BF.B), Veeva Systems (VEEV), Okta (OKTA), The Cooper Companies (COO), Five Below (FIVE), Designer Brands/DSW (DBI), and Express Outfitters (EXPR) report earnings
ADP Private Nonfarm Payrolls (June, July, Aug)
Chicago PMI Survey Reading (Aug)
Thursday, September 1
Broadcom (AVGO), China Petroleum & Chemical Corp. (SNP), Lululemon Athletica (LULU), Hormel Foods Corp. (HRL), Campbell Soup Co. (CPB), Weibo Corp. (WB), and SmartSheet Inc. (SMAR) report earnings
S&P Global Manufacturing PMI - Final Reading (Aug)
ISM Manufacturing PMI (Aug)
Construction Spending (Aug)
Nonfarm Labor Productivity Growth (Q2 2022)
Friday, September 2
Nonfarm Payrolls Report (Aug)
Factory Orders (Jul)
Labor Market Reports
The U.S. labor market will be in the spotlight next week, culminating in the August nonfarm payrolls report on Friday. On Tuesday, the Bureau of Labor Statistics (BLS) is set to release its monthly Job Openings and Labor Turnover Survey (JOLTS) report tracking hires, quits, and separations for the month of July. On Wednesday, payroll services provider ADP will release its National Employment Report tracking gains in private sector payrolls. Data will be released for June, July, and August, after previous reports were delayed due to an update in methodology.
On Friday, the BLS is set to release its nonfarm payrolls report tracking jobs growth in August. Consensus estimates call for an increase of 290,000 jobs, following a stronger-than-expected gain of 528,000 positions in July. As of last month, the labor market has recovered all its pandemic-era losses, with the unemployment rate matching its pre-pandemic level of 3.5%. The labor market has remained a rare bright spot in the economy so far, defying a worsening outlook across other sectors of the economy. Federal Reserve officials including Chair Jerome Powell have pointed to the strength of the labor market as a sign that the U.S. economy is not currently in a recession.
National Home Price Updates
Next week, market watchers will be looking for signs of a cooling housing market with the latest updates on national home prices. On Tuesday, index provider Standard & Poor’s will release its Case-Shiller National Home Price Index, tracking price growth in June. Home prices previously rose 1.5% in May, or 20.5% from a year earlier, compared to a record 3.1% monthly gain in March. Price gains in May were strongest in the Tampa metropolitan area, rising 36.1% year-over-year, followed by Miami and Dallas at 34% and 30.8%, respectively.
Also on Tuesday, mortgage originator Freddie Mac will release its national House Price Index (HPI) covering the month of June. The index, which tracks the prices of single-family homes, rose 1.4% in May, having decelerated for four consecutive months from a record 1.9% increase in February. The cooldown in the U.S. housing market, as evidenced by recent declines in home sales and housing starts, has yet to translate into a meaningful slowdown in price growth. Home prices have continued to surge to record levels throughout 2022, despite the effect of rising mortgage rates and diminishing affordability.
-Corporate earnings reports are expected from Baidu, HP, Chewy, Best Buy, Lululemon Athletica, and Campbell Soup Company, among others.
-The latest Job Openings and Labor Turnover Survey (JOLTS) will be released Tuesday, offering data on job openings, hires, quits, and separations for the month of July.
-Payroll services provider ADP will release its National Employment Report on Wednesday, tracking growth in private sector payrolls throughout June, July, and August.
-The BLS will release its latest nonfarm payrolls report on Friday, indicating whether the U.S. economy continued to add jobs in August.
-Updates on national home prices are expected on Tuesday with the release of S&P's Case-Shiller National Home Price Index and Freddie Mac's House Price Index (HPI), tracking price growth in June.
-PMI figures from the Institute for Supply Management (ISM) will provide an update on the strength of the U.S. manufacturing sector.
Events Calendar:
Monday, August 29
Pinduoduo (PDD), Heico Corp. (HEI), and Catalent Inc. (CTLT) report earnings
Dallas Fed Manufacturing Index (Aug)
Tuesday, August 30
Bank of Montreal (BMO), Baidu (BIDU), CrowdStrike (CRWD), HP (HPQ), Chewy (CHWY), Best Buy (BBY), Big Lots (BIG), and China Eastern Airlines (CEA) report earnings
S&P Case-Shiller Home Price Index (June)
Freddie Mac National House Price Index (June)
JOLTS Job Openings, Quits, and Separations (July)
Wednesday, August 31
Brown Forman (BF.B), Veeva Systems (VEEV), Okta (OKTA), The Cooper Companies (COO), Five Below (FIVE), Designer Brands/DSW (DBI), and Express Outfitters (EXPR) report earnings
ADP Private Nonfarm Payrolls (June, July, Aug)
Chicago PMI Survey Reading (Aug)
Thursday, September 1
Broadcom (AVGO), China Petroleum & Chemical Corp. (SNP), Lululemon Athletica (LULU), Hormel Foods Corp. (HRL), Campbell Soup Co. (CPB), Weibo Corp. (WB), and SmartSheet Inc. (SMAR) report earnings
S&P Global Manufacturing PMI - Final Reading (Aug)
ISM Manufacturing PMI (Aug)
Construction Spending (Aug)
Nonfarm Labor Productivity Growth (Q2 2022)
Friday, September 2
Nonfarm Payrolls Report (Aug)
Factory Orders (Jul)
Labor Market Reports
The U.S. labor market will be in the spotlight next week, culminating in the August nonfarm payrolls report on Friday. On Tuesday, the Bureau of Labor Statistics (BLS) is set to release its monthly Job Openings and Labor Turnover Survey (JOLTS) report tracking hires, quits, and separations for the month of July. On Wednesday, payroll services provider ADP will release its National Employment Report tracking gains in private sector payrolls. Data will be released for June, July, and August, after previous reports were delayed due to an update in methodology.
On Friday, the BLS is set to release its nonfarm payrolls report tracking jobs growth in August. Consensus estimates call for an increase of 290,000 jobs, following a stronger-than-expected gain of 528,000 positions in July. As of last month, the labor market has recovered all its pandemic-era losses, with the unemployment rate matching its pre-pandemic level of 3.5%. The labor market has remained a rare bright spot in the economy so far, defying a worsening outlook across other sectors of the economy. Federal Reserve officials including Chair Jerome Powell have pointed to the strength of the labor market as a sign that the U.S. economy is not currently in a recession.
National Home Price Updates
Next week, market watchers will be looking for signs of a cooling housing market with the latest updates on national home prices. On Tuesday, index provider Standard & Poor’s will release its Case-Shiller National Home Price Index, tracking price growth in June. Home prices previously rose 1.5% in May, or 20.5% from a year earlier, compared to a record 3.1% monthly gain in March. Price gains in May were strongest in the Tampa metropolitan area, rising 36.1% year-over-year, followed by Miami and Dallas at 34% and 30.8%, respectively.
Also on Tuesday, mortgage originator Freddie Mac will release its national House Price Index (HPI) covering the month of June. The index, which tracks the prices of single-family homes, rose 1.4% in May, having decelerated for four consecutive months from a record 1.9% increase in February. The cooldown in the U.S. housing market, as evidenced by recent declines in home sales and housing starts, has yet to translate into a meaningful slowdown in price growth. Home prices have continued to surge to record levels throughout 2022, despite the effect of rising mortgage rates and diminishing affordability.