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Bank Holiday, ISM and Other Can't Miss Items This Week

Barchart - Sun Sep 3, 2023

Last week was another fun week in the market with the S&P 500 ($SPX) (SPYclosing the week up 2.55%. Everyone’s favorite trading stock Tesla (TSLA) had an amazing week until Friday when it dropped 5% to finish the week up just 2.69%.

This week is fairly slow in terms of both releases and earnings, but there are still several things to watch. Here are 5 themes to watch in the market this week.

Earnings

Just as with the last several weeks, earnings are still front and center in the market. While many of the most popular names have already been announced, it's still vital to pay attention to any names that you have in your portfolio. There are several popular companies set to report this week, First up on Tuesday we have Zscaler (ZS) and Gitlab (GTLB). Wednesday after the close everyone's favorite meme stock Gamestop (GME) is set to report earnings. These reports have been pretty tradable since the meme stock mania before and during Covid. Thursday we have Docusign (DOCU) and Rh (RH) reporting after hours and finally on Friday, we have Kroger (KR) reporting before the opening bell. The Kroger release could provide some insight into the overall economy as it is a grocery chain and will often see spending changes the fastest.

Bank Holidays

Monday is a bank holiday in the US and Canada to celebrate Labor Day. This could produce some volatility as there is lower liquidity and volume on these holidays. On the plus side, with the observance of Labor Day in the US we have officially ended “Summer Trading” and the lower volume that is usually associated with it.

ISM Services PMI

Due out Wednesday at 10 a.m. Eastern is the ISM Services PMI. There has been some solid expansion in the services sector since covid was officially declared over, and it has been the sector that has seen the fastest rebound in hiring. If this expansion continues its possible we see the market rally on continued employment expansion in the services sector. If we have a miss though, then it's possible we could see some volatility in the market.

Unemployment Claims

Sticking with the employment theme, Thursday we have unemployment claims for the week out at 8:30 am Eastern. With some mixed data releases last week, watching how these employment numbers come out could impact how the Fed proceeds in its monthly meeting towards the end of September. We are looking for a slowdown in the economy to show that we no longer need rate hikes from the Fed, so it's possible that a higher-than-expected unemployment rate is read positively by the Market.

Covid

On a global scale, Covid has resurfaced in the news cycle. There are several locations in the US that are going back to mandates and the Federal Government has made statements in the past few weeks about the possibility of a Federally funded vaccine that will be mandated for the country. Wherever you fall on that particular idea, it's still important to watch the reactions to the news stories about Covid. If we do for some reason have to re-enter a state of lockdown or restrictions, it's possible the market will react severely to this. 

Best of luck this week and don’t forget to check out my daily options article.



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On the date of publication, Gavin McMaster did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Provided Content: Content provided by Barchart. The Globe and Mail was not involved, and material was not reviewed prior to publication.