September 2, 2022

Markets:

Stock futures rose on Friday, cutting losses for the week, as August’s jobs report came in about as expected, cooling fears that a much hotter labor market would give the Federal Reserve leeway to get more aggressive with interest rate hikes.

Investors were reacting to the highly anticipated nonfarm payrolls data, looking for signs that the Fed could become more aggressive in its rate hiking plan. The economy added 315,000 jobs for the month, the Bureau of Labor Statistics reported Friday. That was just below the Dow Jones estimate for 318,000. The unemployment rate rose to 3.7%, two-tenths of a percentage point higher than expectations.

All three major averages are set to end the week lower after slumping in the last days of August, on course to notch their third negative week in a row. Stocks have been weighed down by hawkish comments from Federal Reserve officials signaling that interest rate hikes aren’t going away anytime soon. Now, traders are watching to see if stocks will retest the June lows, especially since September is historically a poor month for the market.

Oil prices rose on Friday ahead of the upcoming meeting between OPEC and its oil-producing allies, but commodities were still on track to end the week in the red.

West Texas Intermediate crude futures, the U.S. oil benchmark, advanced 1.7% to $88.06 per barrel on Friday. Global benchmark Brent crude added 1.5% to trade at $93.77 per barrel.

Portfolio:

We enter the new session and last trading day of the week holding setups in SPWR, FIGS, and CNHI. So many bullish engulfing's and this morning price pattern will look to continue to materalize these set-ups. We do want to remain cautious as we head into the long holiday weekend and volume expected to be light until Tuesday. However, this does bode well for continued set-ups and opportunities to come Cannot wait for next week. Be ready today and let's have a great session.