گزارش مشاغل جولای می تواند چیزی باشد که بازار را تکان بزرگ بعدی خود در هفته پیش رو می دهد

Friday’s jobs report could be a catalyst that helps determine whether markets are volatile or will trade like it’s the quiet dog days of August.

More than a quarter of the S&P 500 report earnings in the coming week. The calendar includes companies in sectors such as consumer staples, insurance, pharma, travel and media. From برگزاری برگزاری به ViacomCBS, Wayfair و کلاگ, investors will be watching to see what companies say about reopening activity, supply chain disruptions and rising costs.

“I think as much as 85% of the companies which are reporting earnings mentioned inflation on their earnings calls,” Franklin Templeton Fixed Income chief investment officer Sonal Desai said. “Inflation may not be a problem to policymakers and financial markets, which seem not to be concerned at all. It does seem to bother the people who have to buy stuff or people who produce stuff.”

The jobs factor

The Federal Reserve has said the sharp jump in inflation is just temporary, and many investors appear to be taking it in stride for now. The market is intensely focused on the central bank’s other mandate: the labor market. Fed Chairman Jerome Powell گفت: چهارشنبه he would like to see strong jobs reports before winding down the central bank’s $120 billion a month bond-buying program.

The U.S. Bureau of Labor Statistics will release the July employment report on the morning of Friday, Aug. 6. It’s expected to show 788,000 nonfarm payrolls, down from 850,000 in June, according to Dow Jones. The unemployment rate is expected to dip to 5.7% from 5.9%. Average hourly wages are expected to rise 3.9% year over year.

Ironsides Macroeconomics director of research Barry Knapp said he expects the next two monthly jobs reports will be strong, and the Fed should then be ready to announce in September that it is ready to start the slow unwind of its bond purchasing program.

That is an important step since it would be the first real move away from the central bank’s easy policies that were put in place in the pandemic. It would also mean the Fed would be open to raising interest rates once the tapering is completed.

Game changer for markets

“Friday could be a game changer,” Knapp said of the employment report. Before that, he expects stocks to trade in a narrow range.

If the number of jobs added in July is much higher than expected, at more than 1 million, Knapp said the market could immediately sell off on the idea the Fed would be ready to pare back its bond purchases.

If the number is weaker than expected, the market could rally. “We are in a dead period after earnings, with concerns about the pace of the reopening. It’s still a bit of a question mark. The bias would be higher after a weak number. … Bad is good. Good is bad,” said Knapp.

Like some other strategists, he expects to see a stock market correction, possibly later this summer.

“I’m in the camp where I think we’re going to have our first major correction.” Knapp said. “What we’re likely to get is at least 10% or more. … It could really happen when they [Fed officials] make the announcement in September.”

Wilmington Trust chief economist Luke Tilley said he expects just 350,000 jobs, based on the high frequency data he watches.

“We think the run rate is about 500,000 jobs. Last month seems a little bit overcooked,” he said.

La S&P 500 was down 0.4% in the past week, finishing at 4,395, while the Nasdaq lost even more , down 1.1% at 14,672.

Cyclical stocks were among the best performers. Materials jumped 2.8% in the week, and energy shares were up 1.6%. Financials gained 0.7%. But tech fell 0.7%.

Knapp said it now makes sense to hold stocks that are in the reflation trade, such as energy, industrials or materials.

The surge in the delta variant of the coronavirus has become a worry among investors and has been a factor holding down interest rates. The 10-year yield, which moves opposite price, has held at low levels and was at 1.23% on Friday, amid concern that the delta variant of the coronavirus could slow growth.

Investors will be watching other important data in the coming week, including the Institute for Supply Management’s manufacturing data Monday, and ادعاهای بیکار and trade data Thursday.

La KraneShares CSI China ETF اینترنتی has lost about half its value from its peak in February, and was down another 2.6% Friday.

Internet retailer علی بابا is one of the ETF’s top holdings. The company is expected to announce earnings on Tuesday.

دوشنبه

درآمد: Take-Two Interactive, موزاییک ، Vornado Realty, Eastman Chemical, Simon Property, Transocean, منابع طبیعی پیشگام, Reynolds Consumer Products, ON Semiconductor, NXP Semiconductor, AXA, Loews

9: 45 AM Manufacturing PMI

10: 00 من تولید کننده ISM

10: 00 am هزینه های ساخت و ساز

2: 00 بعدازظهر بررسی ارشد وام

سه شنبه

درآمد: الیبابا Amgen, Eli Lilly, کلورکس, KKR, تحت آرمور, Eaton, Discovery, Pitney Bowes, ماریوت, کونوکو فیلیپس, Activision Blizzard, Avis Budget, Public Storage, Devon Energy, Jacobs Engineering, Bausch Health, Incyte, Philips 66, رالف لورن، Expeditors International, نیکولا ، موسیقی وارنر

10: 00 سفارشات کارخانه است

11:00 a.m. New York Fed release on household debt and credit

چهار شنبه

درآمد: برگزاری برگزاری, CVS سلامت, GM, Etsy, استراحتگاه های ام جی ام، Allstate, اوبر Fox Corp., Electronic Arts, Roku, کرافت هاینز Toyota, Sony, AmerisourceBergen, Marathon Petroleum, BorgWarner, Entergy, Apollo Global Management, New York Times, معجزه اسکاتلندی-گرو, Tupperware, MetLife, IAC/Interactive

8: 15 am ADP استخدام

9: 45 am Services PMI

10:00 صبح خدمات ISM

پنج شنبه

فروش خودرو

درآمد: Regeneron, ViacomCBS, Beyond Meat, DropBox, Expedia, Sprouts Farmers Market, TrueCar, Shake Shack, مربع, TripAdvisor, Cushman and Wakefield, کلگوگ Cigna, Zillow, Lions Gate, Ambac, Virgin Galactic, راه حل های موتورولا ، Zynga, Illumina, AIG, SeaWorld, Cardinal Health, دوک انرژی, Thomson Reuters, Datadog, رویداد برایت ، NRG Energy, Choice Hotels, پارکر-هانیفین, Wayfair, زیتیس

8: 30 من ادعاهای بیکاری اولیه هستیم

8: 30 تجارت بین المللی است

جمعه

درآمد: Liberty Broadband, Liberty Media, AMC Networks, پیش نویسs, Fluor, Gannett, رشد سایبان، Nuance Communiciations, تایر گودیر

8: 30 گزارش اشتغال

10: 00 am تجارت عمده فروشی

3: 00 pm اعتبار مصرف کننده

Update: This story has been updated to show there is no event with Boston Fed President Eric Rosengren Monday