Key Events This Week
The non-farm payroll data for August will be released on Friday, carrying dual significance!
The highlight of the U.S. stock market this week will be the release of the August non-farm employment data on Friday. This report will have dual implications: will it indicate further deterioration in the labor market? Additionally, following the dismissal of the head of the Bureau of Labor Statistics (BLS) by Trump, will this data spark a new wave of questions regarding its accuracy?
It is noteworthy that the impact of the July non-farm report is not merely due to the data falling short of expectations (73,000 new jobs, below the expected 110,000), but also due to substantial downward revisions of the May and June data, during which new job additions were minimal. Predictions indicate that the unemployment rate will slightly rise from 4.2% to 4.3% in August, while the increase in non-farm payrolls is expected to remain below 100,000, at 78,000.
The ongoing weakness in the labor market not only reinforces market expectations for a rate cut in September but also rekindles hopes for a third rate cut of 25 basis points this year. Powell emphasized in his speech at the Jackson Hole conference that inflation risks are skewed to the upside in the short term, while employment risks are skewed to the downside. More importantly, Powell acknowledged that the risk balance 'seems to be tilting towards the labor market.' However, he also pointed out that due to the Trump administration's severe crackdown on immigration, the labor supply is slowing, which may lead to a decrease in new job additions.
Moreover, ahead of the crucial data on Friday, investors will receive a series of labor market indicators: the July JOLTS job openings data released on Wednesday, the August ADP private employment data, and the initial jobless claims for the week released on Thursday.
Several Federal Reserve officials will deliver speeches, and the fate of Fed Governor Cook is likely to influence the market.
Following the weak employment data in July and remarks by Federal Reserve Chairman Jerome Powell at the Jackson Hole meeting suggesting a possible interest rate cut, market expectations for a rate reduction at the next meeting have increased. In the coming week, investors will look for clues from further speeches by Federal Reserve officials and the Beige Book.
Investors can pay attention to the speeches of several Federal Reserve officials, including St. Louis Fed President James Bullard, New York Fed President John Williams, and Chicago Fed President Austan Goolsbee. In addition, the Federal Reserve will release the Beige Book on Wednesday, which includes various research information about the economic conditions.
Meanwhile, personnel changes at the Federal Reserve are also capturing market attention. President Trump recently decided to replace Federal Reserve Governor Randal Quarles, aiming to reshape the board. Quarles has filed a lawsuit, claiming that the president does not have the authority to remove him from office.
A federal court in Washington, D.C. recently held a hearing on this case. The judge did not make an immediate ruling and requested Cook's legal team to submit a written statement by Tuesday, detailing the reasons why the Trump administration's decision to dismiss Cook was illegal. The Wall Street Journal stated that the future of the Federal Reserve, and whether it can continue to operate as an independent institution or succumb to the whims of the White House, largely depends on her alone.
A grand military parade is held at **** Square.
On the morning of September 3rd, a grand ceremony was held at **** Square in Beijing to commemorate the 80th anniversary of the victory of the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, including a military review.
According to reports from CCTV News and Xinhua News Agency, relevant officials introduced that the military parade activities are conducted in two steps: the parade and the column display, lasting about 70 minutes. The weapons and equipment on display are selected from domestically produced active main battle equipment, with a significant proportion of new equipment making its debut. Some strategic heavy equipment from land, sea, and air bases, as well as hypersonic precision strike, unmanned, and counter-unmanned equipment, are being showcased for the first time.
Broadcom's financial report follows NVIDIA, with Figma and NIO's performance set to be released.
In terms of financial reports, with Nvidia announcing its latest performance, the peak of the Q2 earnings season has passed, but there are still corporate quarterly reports worth paying attention to this week. Among them,$Broadcom (AVGO.US)$ The financial report is scheduled to be released after the market closes on Thursday.
Analysts expect Broadcom's earnings per share for the third quarter to increase by 32.9% to $1.65, with revenues rising by 21% to $15.8 billion. Gross margins are expected to decline from 79.4% in the previous quarter to 77.0%. Looking ahead to the fourth quarter, analysts anticipate revenues will grow to $17 billion, with gross margins tightening to 76.4% and earnings per share reaching $1.79.
The options market shows strong bullish sentiment ahead of the earnings announcement. Traders are betting that the stock will rise, with a primary resistance level at $320. However, the stock has broken below a key upward trend line and faces technical resistance around $316. Additionally, since June, the Relative Strength Index (RSI) has been trending downward, creating a bearish divergence against the rising stock price. If the third-quarter performance fails to exceed bullish market expectations, the stock could slide towards the important options and technical support level of around $270.
In addition, newly listed stocks$FIGMA INC (FIG.US)$will report their second-quarter results after the market closes on Wednesday, while$NIO Inc (NIO.US)$ /$NIO-SW (09866.HK)$、$Salesforce (CRM.US)$ 、 $Lululemon Athletica (LULU.US)$ The latest quarterly financial report will also be released this week.
U.S. stock markets will be closed on Monday.
On September 1 (Monday), the U.S. stock market is closed for the Labor Day holiday.
Key Earnings Calendar for the Upcoming Week
[Related Reading]Broadcom and Nio will report their earnings, and Figma makes its debut! Weekly performance recap (9.1-9.5)
September 1, Monday
Keywords: China$S&P Global (SPGI.US)$Manufacturing PMI, U.S. stock market closed
On Monday, economic data will include the August S&P Global Manufacturing PMI for China, the final value of the August Manufacturing PMI for the Eurozone, and the unemployment rate for the Eurozone in July.
In terms of new listings, $AUX ELECTRIC (02580.HK)$ The lottery results will be announced.
U.S. stock markets will be closed for one day.
September 2, Tuesday
Keywords: Nio earnings report, U.S. ISM Manufacturing PMI, Aux Electric listing
On Tuesday, economic data will include the final value of the August S&P Global Manufacturing PMI for the U.S., the August ISM Manufacturing PMI for the U.S., and the monthly construction spending data for July.
In terms of financial reports, $NIO Inc (NIO.US)$ / $NIO-SW (09866.HK)$ the performance will be announced today.
Regarding new stocks, Hong Kong stocks $AUX ELECTRIC (02580.HK)$ , and U.S. stocks $Phaos Technology (Cayman) (POAS.US)$ will be listed today.
September 3, Wednesday
Keywords: Salesforce, Figma financial report
On Wednesday, regarding economic data, China's August S&P Global Services PMI, the U.S. July JOLTS job openings, and the U.S. July factory orders month-on-month data will be released today.
In terms of financial events, European Central Bank President Christine Lagarde will deliver a speech; 2025 FOMC voting member and St. Louis Fed President James Bullard will also speak on the U.S. economy and monetary policy.
Regarding earnings, U.S. stocks $Salesforce (CRM.US)$ 、 $FIGMA INC (FIG.US)$ 、 $Hewlett Packard Enterprise (HPE.US)$ The performance results will be announced after the U.S. stock market closes.
September 4, Thursday
Keywords: Broadcom earnings report, U.S. ADP employment numbers/initial jobless claims, Federal Reserve Beige Book, remarks by New York Fed President Williams
On Thursday, in terms of economic data, the U.S. August ADP employment figures, referred to as the "little non-farm payrolls," will be released. Additionally, data including the U.S. July trade balance, the initial jobless claims for the week ending August 30, the final value of the U.S. August S&P Global Services PMI, and the U.S. August ISM Non-Manufacturing PMI will also be announced successively.
In terms of financial events, the Federal Reserve released the Beige Book on economic conditions; Neel Kashkari, a 2026 FOMC voting member and President of the Minneapolis Federal Reserve, participated in a fireside chat; and John Williams, a permanent voting member of the FOMC and President of the New York Federal Reserve, delivered a speech at the New York Economic Club.
Regarding earnings, U.S. stocks $Broadcom (AVGO.US)$、 $Lululemon Athletica (LULU.US)$ 、 $DocuSign (DOCU.US)$ The performance results will be announced after the U.S. stock market closes.
September 5, Friday
Keywords: U.S. seasonally adjusted non-farm payrolls/unemployment rate
On Friday, significant economic data is expected, with the release of the U.S. seasonally adjusted non-farm payrolls and unemployment rate for August. Additionally, data on U.S. EIA crude oil inventories for the week ending August 29 and Oklahoma's Cushing crude oil inventories will also be published.
In terms of financial events, 2025 FOMC voting member and Chicago Federal Reserve President Austan Goolsbee will deliver a speech.
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Editor: Jayden
