Investors gravitated toward the high growth technology and communication services sectors, as well as the more defensive sectors, such as utilities and real estate. Reopening stocks were weighed down by Delta variant fears and a retreating consumer, while energy struggled to bounce in the wake of Hurricane Ida shutting down energy production and refining capacity.4
Stocks appeared to shrug off a shaky employment report on Friday, despite the questions it raised about economic growth in the months ahead.
After initial jobless claims reached a new pandemic low on Thursday, the August employment report on Friday came in below expectations as payrolls expanded by 235,000. Adding to the subdued report was a 4% decline in the number of hours worked by employees. On the positive side, the Friday report showed the unemployment rate fell to 5.2%, while wage growth rose 0.6% from July and increased 4.3% from August 2020.5
The weak employment report may reflect a pause in hiring due to the Delta variant. It could additionally muddy the outlook for the Federal Reserve, which has indicated it may begin tapering before year-end. The uncertain jobs picture may force the Fed to push its tapering start date into 2022.5
This Week: Key Economic Data
Wednesday: JOLTS (Job Openings and Labor Turnover Survey).
Thursday: Jobless Claims.
Source: Econoday, September 3, 2021 The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Tuesday: Coupa Software, Inc. (COUP), Uipath, Inc. (PATH).
Wednesday: Lululemon Athletica, Inc. (LULU), Gamestop Corporation (GME).
Thursday: Zscaler, Inc. (ZS), Affirm Holdings, Inc. (AFRM).
Friday: The Kroger Co. (KR).
Source: Zacks, September 3, 2021 Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
Food For Thought
“When things go wrong, you'll find they usually go on
getting worse for some time; but when things once start going right
they often go on getting better.”
- C. S. Lewis
Get a Tax Transcript From the IRS
Whether you need a copy of your tax transcript for a mortgage, student loan, or other financial need, the IRS makes it easy to request a tax transcript online.
To request a tax transcript, you should know what type of transcript you need. The transcript types are:
- Tax Return Transcript
- Tax Account Transcript
- Record of Account Transcript
- Wage and Income Transcript
- Verification of Non-filing Letter
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov6
Healthy Living Tip
3 Yoga Poses for Beginners
The first pose is downward-facing dog. This pose is used in most yoga practices. In it, you have your arms stacked under your shoulders and your bottom in the air with your back legs straight. Your body is in the shape of an upside down 'V."
The next is Crescent Lunge. Stand in a forward lunge with one foot in front and bent. Your back leg is straight. Now, straighten your arms and lift them over your head. This pose is often used in yoga flow classes.
Last, we have Triangle pose. Step your feet apart (wider than your shoulders). Then, hinge at your hip and lean over your front leg. If you can, reach down with the same arm that's in front and rest it on the floor or on a yoga block.
Tip adapted from SELF Magazine7
I can only live where there is light,
but I die if the light shines on me.
What am I?
Last week’s riddle: The more you take away,
the bigger I become. What am I?
Answer: A hole.
Photo of the Week
Woman in sari standing on a fishing boat, Phewa Lake, Pokhara City, Nepal.