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M Notes: Mon, 9-6 Thumbnail

M Notes: Mon, 9-6



Week Close:
9-2-22
+ (-)%
Dow31,318-965-3.0%
S&P3,924-134-3.3%
Nasdaq11,631-511-4.2%
10-year3.19+0.16+0.05%
Oil86.87-6.00-6.5%


LAST WEEK:  

Markets:  Powell’s speech at Jackson Hole continues to send Markets lower.

S&P roller coaster last week:  down, down, down, up, and down.  

Fed Balance Sheet:   $8.83 trillion.  

ISM:  The Institute for Supply Management released their manufacturing index numbers.  It remained at 52.8.  A number over 50 denotes expansion of the economy.  

Jobless claims:  The weekly number came in at 232,000.  The four-week average is 242,000.

Jobs:  Coming off of a 528,000 gain in July, the consensus was for about 290,000 new jobs.  The actual number came in at 315,000.

Unemployment:  The U3 rate climbed from 3.5% up to 3.7%.  

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THIS WEEK:

Focus of the week:  Will Markets decide to shrug off Fed action against inflation?   It’s been the focus for the last two weeks.  And as a result, good economic news means bad news for Markets (the Fed’s tightening of the economy will likely continue).    

Economic calendar:  Beige book (Wed); and jobless claims (Thu).