S&P 500 Fundamental Forecast – September 6, 2016

The S&P 500 is up 9 points in futures trading with the US markets closed for the Labor Day holiday. The index is trading at 2179.98. On Friday NYSE rallied as August payroll data signaled steady labour-market growth, though not enough to force the Federal Reserve to raise interest rates.

A report showed fewer jobs than forecast was added last month, tempering increased speculation that policy makers could boost borrowing costs as soon as this month. That brought a measure of relief to investors, who boosted utilities, raw-materials and energy shares the most. Crude oil rebounded from a four-day slide. The odds for a rate hike this month briefly dipped as low as 20 per cent before climbing back to levels held before the data.

The S&P 500 Index rose 0.4 per cent, halting a three-day decline. Stocks wavered at midday, trimming most of an early rally before recovering in the late afternoon. The Dow Jones Industrial Average gained 72.66 points, or 0.4 per cent, to 18,491.96. The Nasdaq Composite Index also increased 0.4 per cent. About 5.8 billion shares traded hands on US exchanges, 13 per cent below the three-month average. US equity markets are closed on Monday for Labor Day.

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Upcoming Economic Events that you should be monitoring:

 September 6, 2016

Government Bond Auctions

Date Time Country Auction

Sep 06 11:00 Austria Holds bond auction

Sep 06 11:30 UK 1.5% 2026 Gilt

Sep 06 11:30 Germany Holds I/L bond auction

Sep 07 10:30 Denmark Holds bond auction

Sep 07 11:03 Sweden Holds bond auction

Sep 07 11:30 Germany Eur 5bn 0% Aug 2026 Bund

Sep 08 11:00 Ireland Holds bond auction

Sep 08 17:20 Italy Announces details of bond auction