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Micron earnings and the September jobs report are set to lead market headlines this week.
Last week saw two big headlines dominate the conversation. First, the explosion of Meta's Muse and its wearable AI"Charm," then Chinese president Xi Jinping's state visit to Washington — both closely watched by investors for their implications on both the AI trade and the state of play between the world's two largest economies.
Nevertheless, they didn't do much to markets for the week, with stocks holding mostly steady despite all the headlines and market forces swirling around. ) reports fiscal fourth quarter earnings. After the waffling of the AI infrastructure trade over the past two weeks, investors will be looking for signs of continued demand in the memory trade, which has emerged as one of the most significant bottlenecks for the AI build-out.
) reports on Thursday, where embattled CEO Elliott Hill will look to assuage concerns from investors that Nike has lost its spark. One thing that'll be hot on everyone's minds: French soccer star Kylian Mbappé's decision to leave Nike and join the team at On Economists and investors alike will be asking the same question in the run-up to Friday's jobs report: Can they do it again? After the August data far overperformed — 162,000 vs. 53,000 est. — investors will be looking to see whether the US economy can keep the good times rolling.
On average, economists foresee 100,000 jobs added, and BNP Paribas, which is forecasting 90,000 jobs, says there's reason to stay optimistic.
"We remain upbeat on the US labor market as the Fed's tightening cycle gets underway, expecting economic momentum to push the jobless rate lower into early 2027," Bloomberg US senior economist Andrew Husby wrote to clients. "In fact, we believe that further downside risks to the unemployment rate are under-appreciated by the consensus and FOMC projections. "But there are two sides to every story.
If the report comes in below expectations, don't be surprised, says Bank of America economist Aditya Bhave. Coming off the exceptionally strong August report, BofA is forecasting 60,000 jobs added — a disappointment for the market that would signal"payback from Aug's unusually favorable seasonal factors," Bhave wrote. There's also another wrinkle.
Even if the economy is creating jobs, Americans may not be feeling as rosy as the labor market numbers may imply as consumer sentiment tanks under the weight of high prices — especially at the pump.as consumers' expectations for their personal finances weakened by about 10%. The reading was slightly above the Street's expectation of 47.5.
"The short-run outlook for business conditions plunged amid renewed worries that elevated fuel prices and re-escalating trade disputes could pass through to the economy as a whole," Joanne Hsu, the survey's director, said in the release. Signage for a job fair is seen on 5th Avenue after the release of the jobs report in Manhattan, New York City, U.S., September 3, 2021.
REUTERS/Andrew Kellyextension of the current trade truce between the US and China The Chinese didn't immediately confirm that extension, but Xi opened the summit with notably conciliatory remarks on trade. He offered his support, according to a translation, for"a constructive China-US relationship of strategic stability," as well as increased flights"to facilitate two-way travel and trade.
" A two-month extension could be a letdown for some importers who had been hoping for a one-year extension of the trade pact announced last year in South Korea, but the continuation of current tariff rates and rules for the remainder of 2026 could add a measure of stability. , until Jan. 10, 2027, in order to"to give us more time to see what we can do on the economic front.
" He has also suggested that a bigger deal with China could be hammered out in the months ahead, a deal that he said the Chinese"came up with. " More to watch.
Meanwhile, long-term certainty is more elusive, with both sides keeping options for further provocations on the table. Trump's team is considering new 7.5% tariffs on China around the issue of overcapacity, but has delayed moving forward until after this week's meeting — and perhaps until after the midterm elections,US President Donald Trump and Chinese President Xi Jinping shake hands alongside US first lady Melania Trump and Chinese President Xi Jinping's wife Peng Liyuan after visiting the National Archives Museum in Washington, D.C.
, US, September 25, 2026.
FHFA house price index, month-on-month, July ; Conference Board consumer confidence, September ; Conference Board present situation, September , JOLTS job openings, August ; JOLTS quits rate, August ; JOLTS layoffs rate, August ; Dallas Fed services activity, September MBA mortgage applications, week ended Sept. 25 ; ADP employment change, September ; Retail inventories, month-on-month, August ; Personal income, August ; Personal spending, August ; PCE price index, month-on-month, August ; PCE price index, year-on-year, August ; Core PCE price index, month-on-month, August ; Core PCE price index, year-on-year, August ; GDP annualized, quarter-on-quarter, second quarter ; Personal consumption, second quarter ; MNI Chicago PMI, September Challenger job cuts, year-on-year, September ; Initial jobless claims, week ended Sept. 26 ; Continuing claims, week ended Sept. 19 ; S&P Global US manufacturing PMI, September final reading ; ISM manufacturing, September ; ISM prices paid, September ; ISM new orders, September ; ISM employment, September ; Construction spending, month-on-month, August ; Omdia total vehicle sales, September Change in nonfarm payrolls, September ; Change in private payrolls, September ; Change in manufacturing payrolls, September ; Average hourly earnings, month-on-month, September ; Average hourly earnings, year-on-year, September ; Unemployment rate, September ; Labor force participation rate, September ; Factory orders, August
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