Marketbites: Markets Notch Four-Day Win Streak
MARKET PERFORMANCE:
Portfolio Manager Commentary:
The S&P 500 advanced Wednesday for a four-day winning streak, as investors assess new U.S. economic data. The S&P's four-day gain helped the index trim month-to-date losses to roughly 1.6%. The tech sector saw gains, aided by a nearly 1% jump in chipmaker Nvidia. Apple shares rose almost 2%, a day after the company sent out invites for a Sept. 12 launch event where the iPhone 15 is expected to be unveiled.
Wednesday’s moves come as traders pore over disappointing payrolls data. ADP said private employers added 177,000 jobs in August. That’s well below a revised July number of 371,000. It also missed a Dow Jones estimate of 200,000. Meanwhile, annual gross domestic product growth was downwardly revised on Wednesday to 2.1% from the previous 2.4% forecast. This is the second day investors have appeared to treat weaker-than-expected economic data as good news for stocks.
“Traders and investors alike want to see ‘follow through’ in today’s market action, helping to confirm that the uptick in market performance is a more viable move as the market heads into September,” said Quincy Krosby, chief global strategist at LPL Financial.
Chart of the Day:
The nation’s employers reported fewer open jobs last month, adding to signs the solid labor market is gradually cooling as the economy slows under the weight of high interest rates. Job openings declined by 338,000 to a seasonally adjusted 8.8 million in July from the prior month, the Labor Department reported Tuesday. That was the lowest level since March 2021, but it was still well above prepandemic levels and the 5.8 million unemployed people in July.
Source: WSJ
What else is happening:
DOJ, SEC investigate Tesla over secret glass house project - read here
Ukraine's elite snipers fight Russians, bullet by bullet - read here
Why your wireless carrier wants to access your bank account - read here
Invest With Us
Download and invest with us in the Avidus app! Avidus is your "in" to directly owning a portfolio of remarkable companies. Leave Wall Street & Robo-advisors behind!
