ZS - S&P 500 Nasdaq Futures Hint At Soft Start Post-Labor Day As Fed Speeches Loom: Analyst Flags 2 Market Worries | Benzinga
Stocks are poised for a weaker start on Tuesday after the Labor Day break. Bargain hunting may trigger some selling, and traders will focus on Federal Reserve speeches this week. Bond yields, after a recent dip, have edged up. Concerns also linger from underwhelming service sector data in China and Europe. August’s auto sales figures might also sway trading for the day.
Cues From Last Week’s Trading
The major averages closed the week ended Sept. 1 on an upbeat note, as stocks rebounded from the slump seen for much of August. The market witnessed a relief rally early in the week post the Jackson Hole meeting. As the labor market, consumer confidence, and GDP data all came in weaker than expected, the market went into a risk-on mode.
US Index Performance In Week Ended Sept. 1
Index Performance (+/-) Value
Nasdaq Composite +3.25% 14,031.81
S&P 500 Index +2.50% 4,515.77
Dow Industrials +1.43% 34,837.71
Russell 2000 +3.63% 1,920.83
Analyst Color:
The U.S. economy is in a good state, said Fund Strat analyst Tom Lee. The August job report was very good news, as it showed a higher supply of workers and softer labor demand, he said, adding that the combination is supportive of a ...