Translate

Search This Blog

Search Tool




Asian Markets at Close Report

European Markets at Close Report

Sep 1, 2016

U.S. Stock Market Future Indications, by MarketWatch - September 1, 2016: U.S. stocks on Track to Gain as Their Weakest Month Historically Starts

www.marketwatch.com


marketwatch.com
 
Victor Reklaitis
U.S. stock futures on Thursday pointed to an upbeat start to the new month, as investors braced for a raft of economic data and didn’t seem fazed by September’s weak track record.
S&P 500 futures ESU6, +0.21% rose 5.25 points, or 0.2%, to 2,174.75, while Dow Jones Industrial Average futures YMU6, +0.23%  gained 50 points, or 0.3%, to 18,445. Nasdaq-100 futures NQU6, +0.32%  tacked on 15 points, or 0.3%, to 4,788.75.

On Wednesday, the S&P 500 SPX, -0.24%  closed 0.2% lower for the session and down 0.1% for August, while the Dow DJIA, -0.29%  shed 0.3% and lost 0.2% for the month. The S&P ended a five-month winning streak, and the blue-chip gauge halted a six-month advance.

The S&P has dropped in September 57% of the time, and it’s the month with the weakest average performance, said Sam Stovall, U.S. equity strategist at S&P Global Market Intelligence, in a note.
“Monthly price declines and frequencies of negative returns were even greater during presidential election years without an incumbent candidate,” Stovall said.

Read more: September is the worst month for U.S. stocks, and no one knows why
Economic news: A report on weekly jobless claims is slated to hit at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting 265,000 claims.
At that same time, a release on second-quarter productivity and labor costs is expected, with economists predicting a 0.6% drop in productivity but 4.1% growth for costs.
Trump on immigration: ‘There will be no amnesty’

Donald Trump on Wednesday said he would deport "criminal illegal immigrants" in the U.S., and that anyone else here illegally could also be subject to deportation. Photo: Getty Images
At 9:45 a.m. Eastern, Markit is slated to deliver an August reading on manufacturing, and an Institute for Supply Management figure for that sector is due 15 minutes later. ISM’s gauge is expected to come in at 52.1% for last month.

A report on construction spending in July is due at 10 a.m. Eastern, with economists forecasting 0.6% growth, and August figures for auto sales are also on tap for Thursday.
The barrage of data comes before Friday’s much-anticipated monthly jobs report.

Check out: MarketWatch’s Economic Calendar
Other markets: Oil futures CLV6, -0.13% traded higher, helping sentiment. European stocks SXXP, +0.85% gained ground, while Asian markets closed mixed. Gold futures GCZ6, -0.17%  edged lower, and a key dollar index DXY, +0.00% was little changed.
Individual movers: Shares in Salesforce.com Inc. CRM, -0.51%  fell 7% in premarket action after the maker of software for customer relationship management late Wednesday gave lower-than-expected guidance for the current quarter.

Charter Communications Inc. CHTR, +0.46%  rose 4% premarket following news the cable company is due to become an S&P 500 component after the close on Wednesday, replacing EMC Corp. EMC, +0.00%   , which is on track to be acquired by privately held PC maker Dell Corp.
Campbell Soup Co. CPB, -0.02%  and Vera Bradley Inc. VRA, +1.42%  are among the companies expected to post earnings before the open. Smith & Wesson Holding Corp. SWHC, -4.83% and Lululemon Athletica Inc. LULU, -0.44% are due to report quarterly results after the closing bell.