Stocks vacillated around the flat mark for most of the week, as market participants waited for Fed Chair Yellen to speak on Friday and provide further insights into when the Fed may resume its interest rate hikes. On Friday, Dr. Yellen took the stage at the annual Jackson Hole summit and in essence reiterated what had been said before – that while the case for a rate hike is strengthening, the Fed will remain data dependent and cautious in its approach. So, this week, investors will likely wait until Friday’s August employment report before making any portfolio decisions, of course then comes the three day Labor Day weekend which will be followed by some critical international data, including Japan and European Union GDP data. In other words, be prepared to hurry up and wait a bit longer, and in the meantime, a slow continued melt-up seems to be the most likely scenario.
This Week’s Market Moving Events:
Monday: Japanese Economic Data, Dallas Fed Manufacturing Data
Tuesday: Case Shiller Home Price Index, Consumer Sentiment, Investor Confidence data
Wednesday: Chicago PMI, Pending Home Sales
Thursday: Motor Vehicle Sales, ISM & PMI Manufacturing indexes
Friday: August Employment Data