The Labor Day weekend only prolonged the wait investors have to endure before
Wall Street opens for business once again. The last week left a sour taste as it
ended red across the board. The Dow Jones finished red by 2.20 percent at
11,240.26. For the week, the primary indices closed out negative as well. The
Dow Jones Industrial Average closed out the week negative overall by .4 percent.
Jobs data was weak on Friday and the national unemployment rate stayed high at
9.1 percent. Investors hope for better this week but it will be shortened due to
the Labor Day holiday today. No economic reports will post on Monday in the U.S.
On Tuesday, the ISM manufacturing report for August will post mid morning. It is
expected to remain above the 50 benchmark. Noteworthy news on Wednesday relates
to the weekly report that will stem from the Mortgage Bankers Association
regarding the number of Americans that filed applications. In addition, the
Federal Reserve will release the September Beige Book report. On Thursday, the
weekly initial jobless claims will post via the Labor Department. The last
report was weak and investors are worried that this data will skew negative
again. The July consumer credit data will also post this day from the Federal
Reserve. In addition, the trade balance for July is due via the Commerce
Department. The week will end on Friday with Julys wholesale inventory data.
Frank Matto
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