The market advanced on Monday, following a tough start to September, the last month of Q3.
Just past 1:28 pm ET the $S&P 500 Index (.SPX.US)$ traded up 1.33% the $Dow Jones Industrial Average (.DJI.US)$ climbed 1.47%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.32%.
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 also 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, and 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 last 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.
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Last week, users said all the news this year has stunk, and one user said rate cuts will not affect stocks directly, so good luck if you are a bag holder.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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