[BRIEFING.COM] The major averages remain on track for a lower finish to the first session of this week's holiday-abbreviated action.

Crude oil futures settled today's session $1.52 higher (+1.7%) at $93.02 per barrel, adding to the more difficult backdrop for equities today.

Investors will have just a modest batch of earnings to assess after the close and before the open tomorrow, which will include results from Casey's General (CASY 735.68, -20.41, -2.70%). Casey's closed FY26 on a strong note, with accelerating inside same-store sales, expanding margins, healthy fuel volumes, and elevated fuel profitability, while its initial FY27 outlook was also encouraging. Investors will look for whether FY27 can start on a similarly positive note, particularly around inside same-store sales and traffic, inside margin, and fuel profitability amid volatile prices.

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.2%), and DJIA (-1.2%) remain lower and little changed from earlier levels as the market enters the final hour of the session.

CNBC, citing a Reuters report based on Iranian state media, reported that explosive sounds were heard near Kharg Island, Iran's main oil export location.

On the economic data front, consumer credit increased by $18.06 billion in July (Briefing.com consensus: $11.3 billion) following an upwardly revised $14.56 billion increase (from $14.17 billion) in June.

[BRIEFING.COM] The S&P 500 (-0.34%) is in second place on Tuesday afternoon, down about 27 points.

Briefly, S&P 500 constituents Howmet Aerospace (HWM 237.99, -21.28, -8.21%), Stryker (SYK 279.78, -23.35, -7.70%), and GoDaddy (GDDY 93.40, -7.91, -7.81%) pepper the bottom of the standings. For its part, SYK falls after appearing at a Wells Fargo conference today where management said manufacturing supply constraints will extend into Q4 and its joint replacement business has recovered more slowly than expected, raising concerns about near-term growth, while GDDY mgmt appeared at today's Citi Global TMT Conference.

Meanwhile, Ciena (CIEN 348.23, +27.23, +8.48%) is one of today's better performers, stronger alongside other optical stocks as investors bet that rising AI computing demands, including the shift toward 800G and 1.6T networking, will drive greater demand for high-speed optical networking equipment and photonics infrastructure.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.12%) is down about 31 points this afternoon.

Gold futures settled $37.60 lower (-0.8%) at $4,439.00/oz, as elevated Treasury yields and inflation concerns pressured the non-yielding metal, while strong U.S. jobs data boosted expectations that the Federal Reserve could keep monetary policy restrictive. Investors are also awaiting upcoming PPI and CPI data for further clues on the interest rate outlook.

Meanwhile, the U.S. Dollar Index is down less than -0.1% to $98.87.

[BRIEFING.COM] The broader market is lower on Tuesday afternoon, the Dow Jones Industrial Average (-1.03%) down nearly 551 points.

A look inside the DJIA shows that Amgen (AMGN 397.71, -39.52, -9.04%), Salesforce (CRM 249.02, -10.20, -3.94%), and Johnson & Johnson (JNJ 269.16, -6.07, -2.21%) are underperforming.

Meanwhile, Caterpillar (CAT 827.03, +13.09, +1.61%) is atop the standings.

The DJIA is now -0.61% lower month-to-date.

Elsewhere, U.S. Treasuries continue hovering near their starting levels with shorter tenors sitting just below their starting marks while the long bond is just above its opening level. Treasuries attempted to bounce from their lower start, but they have not been able to put together a sustained bounce even though oil has backed down from its overnight high. On a side note, the New York Fed released its latest Survey of Consumer Expectations for August, showing a dip in three-year inflation expectations to 3.2% from 3.3% while the one- and five-year outlooks remained at their respective 3.6% and 3.0%. Treasuries are holding just above their lows in immediate reaction to the just completed $58 bln 3-yr note sale, which met good demand. The sale drew a high yield of 4.474%, which stopped through the when-issued yield by a tenth of a basis point while the bid-to-cover ratio (2.72x) was above the prior 12-auction average (2.62x). Indirect takedown (62.1%); however, was a touch below average (64.1%).

[BRIEFING.COM] The major averages are lower at midday, although the weakness remains relatively modest outside the DJIA as rising oil prices and renewed geopolitical tensions weigh on sentiment. The S&P 500 (-0.4%) and Nasdaq Composite (-0.1%) have recovered from their session lows, while the DJIA (-1.1%) remains under considerably more pressure amid pronounced weakness in select components.

Crude oil is up $0.74 (+0.8%) to $92.21 per barrel, but has pulled back from its earlier high. The advance follows another pickup in Middle East hostilities over the weekend, including an exchange of strikes between the U.S. and Iran and a Houthi attack on a Saudi energy facility. The energy sector (+0.6%) remains higher alongside crude, while the utilities (+1.0%) and real estate (+0.5%) sectors are also outperforming.

Still, the broader market has been relatively subdued, with investors awaiting potentially more consequential catalysts later in the holiday-shortened week. The August Producer Price Index is due Thursday, followed by the Consumer Price Index on Friday, with both reports carrying the potential to shift rate expectations ahead of next week's FOMC meeting.

Eight of the 11 S&P 500 sectors trade lower, led by a sizable decline in the health care sector (-2.2%). Amgen (AMGN 394.31, -42.92, -9.82%) is among the day's weakest S&P 500 components after clinical trial setbacks at Novartis AG (NVS 137.56, -22.42, -14.02%) weighed on related names, while the iShares Biotechnology ETF (-1.9%) has also faced considerable pressure. The weakness in Amgen, a DJIA component, has contributed to the blue-chip average's pronounced underperformance.

The financials sector (-1.0%) is another relative laggard.

Meanwhile, the information technology sector (-0.2%, holds a much more modest loss thanks to considerable strength across semiconductor stocks. The PHLX Semiconductor Index is up 1.6%, helping offset weakness in software stocks depite considerable weakness in NVIDIA (NVDA 225.84, -4.52, -1.96%). Intel (INTC 105.56, +9.76, +10.19%) is a standout following positive analyst commentary and reports of potential price increases, while Advanced Micro Devices (AMD 509.81, +32.24, +6.75%) is also sharply higher following upbeat commentary regarding accelerating AI demand and its server CPU opportunity.

Qualcomm (QCOM 174.88, +6.14, +3.64%) is also contributing after highlighting a multi-year agreement with Amazon (AMZN 257.77, -0.74, -0.29%) covering custom silicon and optical connectivity solutions, which management said provides significant validation for its expanding data center business.

Optical stocks are another notable source of strength after Verizon (VZ 50.08, -0.06, -0.11%) and Corning (GLW 168.14, +13.84, +8.97%) announced a multi-billion dollar agreement covering more than 80 million miles of high-density optical fiber and connectivity solutions from 2027 through 2032. The deal is being viewed as a positive read-through for the broader optical infrastructure market, helping propel sizable gains in Lumentum (LITE 994.85, +113.60, +12.89%) and Coherent (COHR 307.47, +25.61, +9.09%).

Overall, rising oil prices and renewed geopolitical tensions have created a modestly negative backdrop for stocks to begin the abbreviated week. Semiconductor and optical strength have provided an important counterweight, particularly for the Nasdaq Composite, but trading remains relatively subdued as investors look ahead to the week's key inflation reports.

Reviewing today's data: 

• August NFIB Small Business Optimism 98.7 (Briefing.com consensus 99.3); Prior 99.8

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.2%), and DJIA (-1.1%) remain firmly lower jsut after midday. 

Optical stocks are rallying after Verizon (VZ 50.22, +0.08, +0.16%) and Corning (GLW 168.15, +13.85, +8.98%) announced a multi-billion dollar agreement covering more than 80 million miles of high-density optical fiber and connectivity solutions from 2027 through 2032. The deal is being viewed as a positive read-through for the broader optical infrastructure market, highlighting growing fiber demand tied to broadband expansion and AI data-center connectivity. Corning (GLW 168.09, +13.79, +8.94%) and Lumentum (LITE 981.33, +100.08, +11.36%) are posting sizable gains as a result

[BRIEFING.COM] The major averages remain little changed from previous levels at midday.

Lumentum (LITE 987.36, +106.10, +12.04%) is now the best-performing S&P 500 name today as semiconductor equipment names post solid gains today. Coherent (COHR 308.28, +26.42, +9.37%) and Corning (GLW 169.68, +15.38, +9.97%) are among the other outperformers, while Intel (INTC 105.23, +9.43, +9.84%) remains a standout amid positive analyst commentary and reports of possible price increases. The PHLX Semiconductor Index is up 2.2%, extending its month-to-date gain for September to 4%.

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (flat), and DJIA (-1.0%) are lower just before midday, though off their worst levels of the session.

Stocks opened broadly lower as crude oil prices rose following the U.S. and Iran exchanging strikes over the weekend and a Houthi attack on a Saudi energy facility. Crude oil remains $1.29 (+1.4%) higher for the day at $92.77 per barrel, but is off its morning high. The energy (+1.1%) and utilities s(+1.1%) sectors are the only S&P 500 sectors that hold a gain wider than 0.5%, while a total of seven S&P 500 sectors trade lower.

The information technology sector (+0.1%) has managed to reenter positive territory, with a 2.2% surge in the PHLX Semiconductor Index contributing to the outperformance of the Nasdaq Composite.

Meanwhile, Amgen (AMGN 395.52, -41.72, -9.54%) leads the health care sector (-2.6%) firmly lower, weighing on the DJIA.

[BRIEFING.COM] The S&P 500 (-0.3%) and Nasdaq Composite (-0.3%) are off their worst levels of the session as the information technology sector returns to its flatline, while the DJIA (-1.1%) remains firmly lower.

Corporate news flow is on the lighter side today, though GE Aerospace (GE 339.52, +2.40, +0.71%) is modestly higher after agreeing to acquire Consolidated Precision Products (CPP) from Warburg Pincus and Berkshire Partners for $11.75 billion, expanding its control over mission-critical castings used across commercial aviation, aftermarket services, defense, helicopters, weapon systems, and industrial gas turbines. GE will finance the transaction with $7 billion of cash and approximately $4.75 billion of new debt, expects adjusted EPS and free-cash-flow accretion in the first year after closing, and plans no change to its capital-allocation program, although the substantial valuation and second-half 2027 closing timeline limit the immediate reaction.

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.5%), and DJIA (-1.3%) have settled into a firmly lower range an hour into the session.

The health care sector (-2.2%) is steadily moving lower pressured by considerable weakness in peer Novartis AG (NVS 139.05, -20.94, -13.09%) as primary-endpoint failures for pelacarsen and del-desiran, together with recent safety-related pauses involving rap-cel, trigger a broader reassessment of R&D productivity and pipeline value. The central issue is that several high-value programs have lost risk-adjusted value within days, even though NVS's formal medium-term sales outlook is unchanged. Pelacarsen's failure raises a fundamental target-validation question, while del-desiran's miss is particularly damaging because it was expected to validate the company's largest acquisition under CEO Vas Narasimhan. Secondary signals may justify further analysis, but overcoming a failed pivotal endpoint generally requires unusually strong, consistent evidence or another confirmatory study.

Amgen (AMGN 396.80, -40.43, -9.25%) remains the worst-performing S&P 500 component, and the iShares Biotechnology ETF is down 1.8%.

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.5%), and DJIA (-1.1%) are lower just after the open, pressured by relatively broad weakness amid an increase in oil prices and relatively quiet corporate news flow.

Crude oil is currently up $1.72 (+1.9%) to $93.19 per barrel following a ramp in hostilities in the Middle East over the weekend that included a Houthi attack on a Saudi energy facility. The energy sector (+1.4%) is the early standout as a result, posting the widest gain of the four S&P 500 sectors that trade higher.

Meanwhile, the health care sector (-1.8%) is the worst laggard, with Amgen (AMGN 403.05, -34.18, -7.82%) the worst -performing S&P 500 component after a Novartis AG (NVS 139.89, -20.10, -12.57%) cholesterol drug trial setback weighs on related names.

The information technology sector (-0.2%) holds a more modest loss as a solid early showing from Intel (INTC 101.00, +5.20, +5.43%) and other semiconductor names offsets considerable weakness elsewhere in the sector.

Equity futures continue to point to a mostly lower open to the holiday-abbreviated week.

Investors will continue to monitor any developments on the geopolitical front following this weekend's pickup in hostilities which has sent oil prices higher, though Treasury yields are relatively stable.

The S&P 500 futures currently trade 17 points below fair value. 

Equity indices in the Asia-Pacific region had a mostly lower showing on Tuesday. China's trade surplus for August was a touch above expectations while Japan's Q2 GDP also slightly beat estimates. South Korea is planning to build a gas power plant and eight nuclear power plants in the U.S. as part of a $200 bln investment project. China will report its CPI and PPI for August overnight.

• In economic data:
  • China's August trade surplus totaled CNY809.30 bln (expected CNY805.00 bln; last CNY767.07 bln).
  • China's August imports increased 28.2% yr/yr (expected 30.0%; last 27.5%).
  • China's August exports increased 25.0% yr/yr, as expected (last 23.9%).
  • Japan's Q2 GDP increased 0.4% qtr/qtr (expected 0.3%; last 0.5%).
  • Japan's Q2 GDP capital expenditure decreased 0.9% qtr/qtr (expected -1.2%; last -0.7%).
  • Japan's Q2 GDP private consumption was unchanged qtr/qtr, as expected (last 0.3%).
  • Japan's Q2 external demand increased 0.5% qtr/qtr, as expected (last 0.3%).
  • Japan's July overall wage income increased 4.7% yr/yr (expected 3.9%; last 4.0%).
  • Japan's July overtime pay increased 3.1% yr/yr (expected 3.9%; last 3.4%).
  • Japan's July current account surplus totaled JPY2.52 trln (expected JPY2.46 trln; last JPY1.40 trln).
  • Japan's August Economy Watchers Current Index rose to 46.4 (expected 46.3; last 45.7).
  • South Korea's Q2 GDP increased 0.6% qtr/qtr, as expected (last 1.7%), and 3.7% yr/yr, as expected (last 3.6%).
  • Australia's September Westpac Consumer Sentiment fell 5.2% (last 6.0%).
  • Australia's July building approvals decreased 3.6% m/m, as expected (last 7.2%).
  • Australia's July private house approvals decreased 4.2% m/m, as expected (last 0.8%).
  • New Zealand's Q2 manufacturing sales volume increased 0.8% qtr/qtr (last 3.6%).

---Equity Markets---

• Japan's Nikkei: -1.7%
• Hong Kong's Hang Seng: -0.4%
• China's Shanghai Composite: +0.2%
• India's Sensex: -0.7%
• South Korea's Kospi: -0.6%
• Australia's ASX All Ordinaries: -0.9%

Major European indices trade near their flat lines while Spain's IBEX (-0.3%) and Italy's MIB (-0.2%) lag slightly. The European Central Bank is widely expected to announce a rate hike on Thursday and the market will evaluate the statement for the likelihood of another hike in December. There is some speculation that British Chancellor Healey could announce tax hikes in the Autumn budget address. Political turmoil is on the rise in Germany after AfD won a weekend election in Saxony-Anhalt, doubling its support.

• In economic data:
  • Germany's July trade surplus totaled EUR21.3 bln (expected surplus of EUR16.0 bln; last surplus of EUR15.4 bln).
  • Germany's July imports decreased 5.7% m/m (last 4.5%).
  • Germany's July exports decreased 0.8% m/m (expected 0.0%; last 0.9%).
  • France's July trade deficit totaled EUR6.7 bln (expected deficit of EUR6.0 bln; last deficit of EUR5.8 bln).
  • France's July current account deficit totaled EUR4.7 bln (last deficit of EUR1.6 bln).

---Equity Markets---

• STOXX Europe 600: unch
• Germany's DAX: +0.1%
• U.K.'s FTSE 100: +0.1%
• France's CAC 40: UNCH
• Italy's FTSE MIB: -0.2%
• Spain's IBEX 35: -0.3%

The S&P 500 futures currently trade 22 points below fair value. 

Bloom Energy (BE 270.00, +17.13, +6.8%), Everpure (P 101.69, +2.18, +2.2%), and Illumina (ILMN 221.31, +3.09, +1.4%) all trade higher in the premarket ahead of their addition to the S&P 500 before the open on September 21.

Equity futures point to a lower opening this morning as crude oil prices climb following an exchange of strikes between the U.S. and Iran over the weekend. The modest pressure comes after the major averages finished slightly higher last week despite considerable volatility surrounding oil prices, Treasury yields, and monetary policy expectations.

Attention this week will turn to the August Producer Price Index on Thursday and Consumer Price Index on Friday, both of which have the potential to shift expectations ahead of next week's FOMC meeting. The market currently assigns roughly a 60% probability to a 25-basis point rate hike, according to the CME FedWatch tool.

On the U.S. data front:

• August NFIB Small Business Optimism 98.7 vs. 99.3 Briefing.com consensus; prior 99.8

Today's remaining economic calendar:

• 3:00 PM ET: July Consumer Credit; Briefing.com consensus $11.3B; prior $14.2B

In corporate news:

• Anthropic is set to begin IPO marketing in October, according to Bloomberg. 
• Intel (INTC 100.25, +4.45, +4.7%) trades higher amid reports of potential price increases.
• Roivant (ROIV 41.38, +6.45, +18.47%) said the Phase 2 PHocus study of mosliciguat in PH-ILD met its primary and secondary endpoints, while the Phase 3 PHrontier study is underway.

Reviewing overnight developments:

Regional markets digested trade data from China and revised second-quarter growth figures from Japan. Japan's Nikkei: -1.7%, Hong Kong's Hang Seng: -0.4%, China's Shanghai Composite: +0.2%, India's Sensex: -0.7%, South Korea's Kospi: -0.6%, Australia's ASX All Ordinaries: -0.9%.

In news:

• South Korea is planning to build a gas power plant and eight nuclear power plants in the U.S. as part of a $200 billion investment project.
• China will release its August CPI and PPI readings overnight.

In economic data:

• China's August trade surplus CNY809.30 bln (expected CNY805.00 bln; last CNY767.07 bln). August Imports 28.2% yr/yr (expected 30.0%; last 27.5%) and Exports 25.0% yr/yr, as expected (last 23.9%).
• Japan's Q2 GDP 0.4% qtr/qtr (expected 0.3%; last 0.5%), Q2 GDP Capital Expenditure -0.9% qtr/qtr (expected -1.2%; last -0.7%), Q2 GDP Private Consumption 0.0% qtr/qtr, as expected (last 0.3%), and Q2 External Demand 0.5% qtr/qtr, as expected (last 0.3%). July Overall Wage Income 4.7% yr/yr (expected 3.9%; last 4.0%), July Overtime Pay 3.1% yr/yr (expected 3.9%; last 3.4%). July Current Account surplus JPY2.52 trln (expected JPY2.46 trln; last JPY1.40 trln). August Economy Watchers Current Index 46.4 (expected 46.3; last 45.7)
• South Korea's Q2 GDP 0.6% qtr/qtr, as expected (last 1.7%); 3.7% yr/yr, as expected (last 3.6%)
• Australia's September Westpac Consumer Sentiment -5.2% (last 6.0%). July Building Approvals -3.6% m/m, as expected (last 7.2%) and Private House Approvals -4.2% m/m (expected -4.2%; last 0.8%)
• New Zealand's Q2 Manufacturing Sales Volume 0.8% qtr/qtr (last 3.6%)

Attention is on Thursday's ECB decision along with political and fiscal developments in Germany and the UK. STOXX Europe 600: -0.1%, Germany's DAX: -0.1%, U.K.'s FTSE 100: -0.1%, France's CAC 40: UNCH, Italy's FTSE MIB: -0.4%, Spain's IBEX 35: -0.3%.

In news:

• The ECB is widely expected to announce a rate hike Thursday, with the statement likely to shape expectations for another possible increase in December.
• There is speculation that the British chancellor could announce tax increases in the Autumn budget address.
• Germany's AfD won a weekend election in Saxony-Anhalt, doubling its support.

In economic data:

• Germany's July trade surplus EUR21.3 bln (expected surplus of EUR16.0 bln; last surplus of EUR15.4 bln). July Imports -5.7% m/m (last 4.5%) and Exports -0.8% m/m (expected 0.0%; last 0.9%)
• France's July trade deficit EUR6.7 bln (expected deficit of EUR6.0 bln; last deficit of EUR5.8 bln) and July Current Account deficit EUR4.7 bln (last deficit of EUR1.6 bln)

[BRIEFING.COM] The major averages finished modestly lower on Friday as a stronger-than-expected August Employment Report increased expectations for a September rate hike, interrupting some of the positive momentum from Thursday's broad advance. The S&P 500 (-0.4%), Nasdaq Composite (-0.3%), and DJIA (-0.5%) ended in negative territory, while the Russell 2000 (+0.3%) and S&P Mid Cap 400 (+0.1%) bucked the broader weakness with modest gains.

The employment report showed stronger-than-expected payroll growth and a lower-than-expected unemployment rate, prompting a meaningful shift in expectations for the Fed's next policy move. The CME FedWatch Tool assigned roughly a 60% probability to a rate hike at the September FOMC meeting, up from about 50% yesterday. Cleveland Fed President Beth Hammack (voting FOMC member) added to the more hawkish policy backdrop, saying inflation remains too high, the labor market is stable, and current policy is not restrictive before concluding that "it's time to act."

Mega-cap stocks were mostly lower today, with the Vanguard Mega Cap Growth ETF finishing 0.5% lower. The consumer discretionary sector (-1.3%) was among the weakest performers as Tesla (TSLA 354.08, -22.28, -5.92%) gave back yesterday's rally and lululemon athletica (LULU 100.61, -21.16, -17.38%) plunged following its earnings report.

The communication services sector (-0.9%) also struggled amid weakness across some of its largest components, while the financials sector (-0.8%) was another notable laggard.

The information technology sector (+0.2%) managed to finish higher despite a pronounced split beneath the surface. Semiconductor stocks rallied sharply, lifting the PHLX Semiconductor Index 3.4%, while software stocks moved firmly in the opposite direction and left the iShares GS Software ETF down 2.2%. Adobe (ADBE 266.51, -19.24, -6.73%) was among the software laggards after naming a new CEO.

Memory stocks were particularly strong within the semiconductor group. Sandisk (SNDK 1740.00, +185.01, +11.90%) surged more than 10% to finish as one of the day's top gainers amid stronger DRAM and NAND pricing, robust server demand, broader strength across semiconductors, and a technical rebound from key moving averages.

Strength across semiconductor-related names also provided a boost to the industrials sector (+0.4%), which finished among the day's better-performing areas.

Separately, credit bureau and credit-scoring stocks were a notable pocket of weakness following comments from FHFA Director Bill Pulte regarding potential changes to the mortgage credit-scoring market. FICO tumbled after Mr. Pulte said Fannie Mae and Freddie Mac will allow all lenders to use VantageScore, increasing competition for Fair Isaac's (FICO 932.26, -186.67, -16.68%) mortgage-scoring business. Equifax (EFX 177.05, -12.04, -6.37%) and TransUnion (TRU 79.88, -5.04, -5.94%) also fell sharply after Mr. Pulte criticized credit reporting agencies over pricing and said he is considering a "bi-merge" system that would require mortgage lenders to pull two credit reports instead of three.

Meanwhile, WTI crude settled $0.15 higher (+0.2%) at $91.50 per barrel amid a relative lack of new developments surrounding the U.S.-Iran conflict. Crude gained roughly 10% for the week, with its sharp rise contributing to the equity market's weakness during the first half of the week.

Friday's modest decline ultimately left the major averages with a mixed finish to the week after a volatile stretch shaped by rising oil prices, elevated Treasury yields, and shifting expectations for monetary policy. Attention will remain firmly on the rate outlook next week, with the August Producer Price Index and Consumer Price Index providing the next major opportunities for expectations surrounding the September FOMC meeting to shift. The abbreviated week will be relatively light on the earnings front, although Oracle (ORCL 158.83, +4.79, +3.11%) reports after Thursday's close.

U.S. Treasuries finished the week on a lower note after a strong jobs report for August prompted a reversal from a modestly higher start. The 2-year note yield settled up five basis points to 4.38% (+3 basis points this week), and the 10-year note yield settled up two basis points to 4.78% (+6 basis points this week). 

• Russell 2000: +19.9% YTD
• S&P Mid Cap 400: +14.5% YTD
• Nasdaq Composite: +14.1% YTD
• S&P 500: +12.8% YTD
• DJIA: +11.1% YTD

Reviewing today's data:

• August Nonfarm Payrolls 162K (Briefing.com consensus 45K); Prior was revised to 21K from -23K, August Nonfarm Private Payrolls 127K (Briefing.com consensus 45K); Prior was revised to 71K from 30K, August Unemployment Rate 4.1% (Briefing.com consensus 4.2%); Prior 4.1%, August Average Hourly Earnings 0.3% (Briefing.com consensus 0.2%); Prior was revised to 0.2% from 0.1%, August Average Workweek 34.4 (Briefing.com consensus 34.3); Prior 34.3
  • The quick takeaway by the market is that this report just might persuade the Fed to raise rates at its September FOMC meeting. The key takeaway, though, is that a rate hike in September is not assured by this August data. To that end, the 3-month average for total nonfarm payrolls was still just a modest 71,000, there was a moderation in average hourly earnings growth to 3.1% from 3.2% on a year-over-year basis, and persons unemployed for 27 weeks or more accounted for 27.0% of the unemployed versus 25.5% in July.