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What to Expect in the Markets Next Week – Investopedia

U.S. equity markets declined for the third consecutive week, as stronger-than-expected job gains in August could strengthen the Federal Reserve’s case for more aggressive interest rate hikes to counter inflation. For the week, the Dow and S&P 500 declined 3%, while the Nasdaq contracted over 4%. The yield on the 10-year U.S. Treasury note rose to 3.19%. Crude oil prices rose on Friday as G7 leaders agreed to cap Russian oil prices, and Russia threatened to ban exports to any countries that implement them, but declined for the week as U.S. production rose. The price of West Texas Intermediate (WTI) crude fell over 6% for the week, at $87 per barrel.
Next week will be a shortened one as U.S. markets close for Labor Day on Monday. Several companies will report this week, including Gamestop, Asana, DocuSign, and Kroger, among others. Apple will host its annual product launch event on Wednesday, where it’s expected to unveil a new series of the iPhone 14, with bigger screens and faster chips, along with a new series of Apple Watches and an update to the AirPods Pro. Investors can also expect the latest PMI survey readings on Tuesday, followed by the release of the Fed’s Beige Book on Wednesday. On Thursday, European Central Bank (ECB) policymakers will conduct their monetary policy meeting, with officials widely expected to raise interest rates.
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On Tuesday, market watchers can expect the latest Purchasing Managers’ Index (PMI) survey readings from S&P Global and the Institute for Supply Management (ISM), for August. The S&P Global Composite PMI is expected to have fallen further to 45, down from 47.7 in July, where any survey reading below 50 indicates a contraction in activity. The survey reading has fallen for six consecutive months, with business activity declining for both goods-producing and services industries. Meanwhile, the ISM Non-Manufacturing PMI will provide an important update on the strength of the U.S. services sector. Projections are for a reading of 55.5, down from 56.7 in July and well below a pandemic era peak of 69 recorded in November of 2021.

Policymakers at the European Central Bank (ECB) will be conducting their next policy meeting on September 8, with an interest rate decision expected. Markets are anticipating a rate hike of at least 50 basis points (bps), with some ECB officials calling for a larger, 75-bp hike. ECB officials previously raised the benchmark Deposit Facility Rate by 50 bp in July, after maintaining the rate at negative levels since 2014. Rising inflation in the eurozone, which recently hit a new all-time high of 9.1% in August, along with a struggling euro have prompted ECB officials to consider more aggressive interest rate hikes.

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