Wall Street Today | Monday Market Climbs But Not Past Last Weeks Fall

The market advanced on Monday, following a tough start to September, the last month of Q3.

This week in macro, investors are waiting for slimmer pickings during the blackout period for Fed press commentary. FOMC members are barred from making public statements during the one-week leadups to FOMC meetings. OPEC+ will release a monthly report on Tuesday; CORE CPI will drop on Wednesday for August. PPI and initial jobless claims will fall on Thursday.

Last week, just before the blackout began in the lead-up to the FOMC September 17-18th rate decision meeting, investors got word from New York Fed President John Williams Friday that it is time to cut rates.

Speaking toward the Council on Foreign Relations, Williams said the economy is balanced, inflation is tracking lower, and "it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate."

Last Friday, the economy added 142k nonfarm payrolls from the previous week, and the Unemployment rate landed at 4.2% in August, according to the Bureau of Labor Statistics. Payrolls were below expected by 20k but fit the narrative of softening labor in the U.S. that investors have come to expect.

According to MT Newswires, Oil prices fell 11% last week as weak economic data from China and the United States heightened demand fears, even as OPEC+ deferred returning 180,000 barrels per day of shut-in production to the market and Libya supplies were disrupted amid political squabbling between the North African country's two competing governments.