As we close in on Labor Day weekend, trading is becoming thinner and as traders focus in on tomorrow’s jobs report. Yesterday’s private sector ADP number was a bit shy of expectations, but expectations for tomorrow’s government non-farm payroll number is expected to show about 223,000 new jobs created in August. Today’s ISM non-manufacturing report showed continued strength in the service sector, which may just help nudge the Fed towards a September lift off, especially if tomorrow’s job number is decent. China’s market is closed today and tomorrow, so global factors might be mitigated until next week.
As for today, stocks meandered mostly in positive territory, adding to yesterday’s gain as the Dow Jones Industrial Average was up 23 points to close at 16,374. The S&P 500 was up 2 points to finish the day at 1951. Gold was down $9 to trade at $11.24 per ounce, while oil was up $.60 to trade at $46.85 per barrel WTI. The volatility in oil has been stunning over the past week.
Let’s see what the jobs number looks like in the morning, as it should set the tone for tomorrows trading session. We’ll give you a full report tomorrow afternoon.
Have a nice evening everyone.