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Daily digest market movers: Steer through the data

hagijeee
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  • At 11:30 GMT, the Challenger Job Cuts for August will be released. The previous number was 25,885.
  • At 12:15 GMT, the ADP Employment Change for August will be hitting markets. An uptick to 145,000 is expected from the previous number of 122,000.
  • At 12:30 GMT, the weekly Jobless Claims data are due to be released.
  • Initial Claims are expected to stay steady at 230,000 in the week of August 30, coming from 231,000 the previous week.
  • Continuing Claims are set to head to 1.87 million in the week of August 23 from 1.868 million. 
  • In the slipstream of the weekly Jobless Claims, the monthly Nonfarm Productivity and Unit Labor Costs for the second quarter will be released. For the Nonfarm Productivity, a steady 2.3% increase is expected, while the Unit Labor Costs should remain at 0.9%.
  • At 13:45 GMT, S&P Global will deliver its final reading for the Services and Composite PMI numbers for August. Services are expected to remain stable at 55.2, and the composite is expected to remain at the previous reading of 54.1. 
  • The Institute for Supply Management (ISM) will close this Thursday's data batch at 14:00 GMT with its August reading for the Services sector:
    • The PMI headline number is expected to come in at 51.1, downfrom 51.4 in July.
    • The Employment Index was at 51.1 the previous month, with no forecast available.
    • The New Orders Index was at 52.4 in July, with no forecast available.
    • The Prices Paid Index was at 57, with no estimation pencilled in. 
  • Equities are floating wreckage after the hit they took on the back of the NVIDIA (NVDA) correction after the company got a subpoena by the US Justice Department for breaching antitrust laws. All major indices are in the red, though they are overall less than 1%.
  • The CME Fedwatch Tool shows a 55.0% chance of a 25 basis points (bps) interest rate cut by the Fed in September against a 45.0% chance for a 50 bps cut.  Another 25 bps cut (if September is a 25 bps cut) is expected in November by 30.2%, while there is a 49.5% chance that rates will be 75 bps (25 bps 50 bps) below the current levels and a 20.3% probability of rates being 100 (25 bps 75 bps) basis points lower. 
  • The US 10-year benchmark rate trades at 3.76%, the lowest level this week.



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