Stock Market News Today, 9/01/23 – Futures Up, Traders Brace for a Tough Trading Month

Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are in the green on the wee hours of the first trading day of September. The three major averages ended August on a negative footing. Historically, August and September are considered to be the dullest months for the U.S. stock markets. Notably, July’s personal consumption expenditures (PCE) data came in as expected. The Fed’s favorite Inflation gauge grew 0.2% month-over-month in July while growing 4.2% annually. Meanwhile, initial jobless claims fell by 4,000 to 228,000 in the week ending August 26. 

Importantly, traders will pay attention to the non-farm payroll data due today morning. Experts are projecting 170,000 job additions in August, much lower than the 187,000 jobs created in July.

The latest data points reflect that the U.S. labor market may be finally cooling down. Accordingly, markets are expecting the Fed to pause the rate hike cycle in September. Meanwhile, the WTI crude oil futures are also in the green, hovering above $83.78 as of the last check.

On the earnings front, shares of Broadcom (AVGO) fell nearly 5% in after-hours trading yesterday, after giving disappointing guidance. The semiconductor player’s Q3FY23 results beat analysts’ estimates on both the top and bottom lines.

On the other hand, software company MongoDB (MDB) gained 4.9% in extended trading after shattering Q2FY24 expectations. Also, computer maker Dell (DELL) jumped 8.5% in after-hours trading after beating both earnings and sales estimates. Athletic apparel retailer, Lululemon Athletica (LULU) stock rose 1.5% in extended trading after reporting solid beat-and-raise results. There are no important earnings results scheduled for today.

Asia-Pacific Markets Green on Friday

Most Asia-Pacific indices are trading in the green on Friday. Hong Kong’s markets halted trading today as the nation remains on alert with typhoon Saola approaching.   

China’s Shanghai Composite and Shenzhen Component indices are trading up by 0.33% and 0.37%, respectively, as of the last check.

Similarly, Japan’s Nikkei and Topix indices are trading higher by 0.42% and 0.82%, respectively, as of the last check.

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