During a week filled with critical economic data that could sway Federal Reserve policy, the stock market saw gains while bond yields declined. The S&P 500 hovered near the 4,400 mark in a relatively subdued trading session. 3M shares advanced following news of a likely $5.5 billion settlement over allegations of marketing defective combat earplugs. Among megacaps, Nvidia was a standout performer. Meanwhile, yields on two- and five-year Treasury auctions hit pre-2008 financial crisis highs. Despite a softening of the risk-off mood in August, the U.S. equity benchmark is still poised for its worst month since 2023, as the belief that higher interest rates may persist gains ground. Fed Chair Jerome Powell, in his Jackson Hole speech, maintained that the Federal Reserve is ready to further raise rates if needed but will proceed cautiously, guided by economic data.1
SPY Bulls Nearly Balance 441.11 - 443.48 H1 FVG
Consumer Confidence and JOLTS Job Openings: A Double Feature at 10:00 AM
On Tuesday, August 29, several key economic indicators are slated for release, which may influence market sentiment. At 8:55 AM, the Redbook Index for the year-over-year change as of August 25 will be announced; the previous reading was 2.9%. Following that, at 9:00 AM, the Housing Price Index for June on a month-over-month basis will be disclosed, with the last recorded change being 0.7%. Simultaneously, the S&P/Case-Shiller Home Price Indices for June will be reported; the last year-over-year change was -1.7%. At 10:00 AM, data on Consumer Confidence for August will be released, and the JOLTS Job Openings for July will be published, with a consensus estimate of 9.793 million and a previous figure of 9.582 million. Later, at 1:00 PM, the 7-Year Note Auction will take place, with the previous yield being 4.087%. Finally, at 4:30 PM, the API Weekly Crude Oil Stock as of August 25 will be announced; the previous reading showed a decrease of 2.418 million barrels.2
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