U.S. stocks set to start September strong as manufacturing data comes on the radar
U.S. stocks ended mostly higher Wednesday, despite an August private-sector employment report coming in below forecasts, which puts Friday’s monthly government jobs report and the timing for tapering of the Federal Reserve’s bond purchases in focus.
But the “bad news” on the jobs front might be good news for investors on edge about the potential for volatility to kick up in September, and about the Fed’s eventual pullback of its easy-money policies, credited as a key source of record-setting prices for stocks and other assets. The Automatic Data Processing report showed a second straight month of weak jobs creation, with August adding 374,000 private-sector jobs, far below the 600,000 forecast by economists surveyed by The Wall Street Journal. On top of that, July’s rise in jobs was reduced to 326,000 from 330,000.“All the attention is on jobs data this Friday,” said Jimmy Chang, chief investment officer of Rockefeller Global Family Office.
“Over the past few months, we had stars perfectly aligned,” he said, speaking to the combination of pandemic stimulus, reopenings and the initial vaccination push. “Everything that was so supportive for the market is starting to wane.”
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