Market Recap
An initial move higher in Wall Street last Friday eventually faded into the close (DJIA -0.43%; S&P 500 -0.53%; Nasdaq -0.36%), as market participants took the opportunity for further profit-taking into the seasonally weaker month of August.
The focus was on the US July non-farm payroll report, which saw a miss in job addition for the second straight month (187,000 vs 200,000 consensus) but nevertheless, a downtick in unemployment rate (3.5% vs 3.6% consensus) and pull-ahead in wage growth (4.4% YoY vs 4.2% consensus) still denote signs of a tight labour market.
The data may support soft landing hopes, but persistent wage pressures seem to suggest keeping an eye on inflation risks ahead, alongside recent upmove in commodities prices over the past month. For now, market participants will want to see more evidence of inflation back on the rise to price for additional tightening, which will leave all eyes on the US Consumer Price Index (CPI) data this week.
US Treasury yields reacted to the downside, which put the US dollar on a slight breather (-0.3%) following its recent rally. For the Nasdaq 100, the index continues to hover below its 15,400 level, which serves as a neckline for a near-term double-top formation. An attempt to reclaim the level last Friday was met with some resistance, which still denotes near-term exhaustion to its recent rally. Further downside may place the 14,800 level on watch next, where the upper edge of its Ichimoku cloud support stands.
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2023-08-07 02:07:30Z
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