U.S. stocks rose on Friday to end a tumultuous month on a strong note with the blue-chip scoring a second consecutive all-time closing high.
For the week, the Dow rose 0.9% to extend a win streak to three weeks. The benchmark tacked on 0.2% on the week, while the tech-heavy suffered a weekly loss of 0.9%.
Source: Investing.com
Friday ended a volatile month on Wall Street after an early-August selloff drove the Nasdaq into correction territory. Shares have rebounded since then, with the S&P 500 trading near record highs. For the month, the S&P 500 rose 2.3%, the Dow added 1.8% and the Nasdaq advanced 0.6%.
The holiday-shortened week ahead – which will see U.S. stock markets remain closed on Monday due to the Labor Day holiday – will be packed with several market-moving events.
Most important on the economic calendar will be Friday’s U.S. employment report for August, which is forecast to show the economy added 164,000 positions, compared to jobs growth of 114,000 in July. The unemployment rate is seen ticking down to 4.2%.
Ahead of the jobs report, the ISM manufacturing and services PMIs will also be closely watched.
Source: Investing.com
As of Sunday morning, investors see a 70% chance of the Fed cutting rates by 25 basis points at its September meeting, and a 30% chance of a jumbo 50bps cut, according to the .
Meanwhile, some of the key earnings reports to watch include updates from Broadcom (NASDAQ:), Hewlett Packard Enterprise (NYSE:), Dick’s Sporting Goods (NYSE:), Dollar Tree (NASDAQ:), and Nio (NYSE:).
Regardless of which direction the market goes, below I highlight one stock likely to be in demand and another which could see fresh downside. Remember though, my timeframe is just for the week ahead, Monday, September – Friday, September 6.
Stock to Buy: Dick’s Sporting Goods
I expect a strong performance from Dick’s Sporting Goods this week, with shares likely to break out to a new record high, as the athletic-gear retailer’s second quarter earnings report will surprise to the upside thanks to favorable consumer demand trends.
Dick’s is…
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