August 28, 2023

Markets:

Stock futures rose slightly to kick off the final trading week of August.

Stocks are coming off a winning session following fresh remarks from Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average gained or 0.7% on Friday but finished the week 0.45% lower. The S&P 500 added about 0.7%, while the Nasdaq Composite advanced about 0.9%. The latter indexes notched their first winning week in four.

Speaking Friday at the annual central bank conference in Jackson Hole, Wyoming, Powell pointed to some signs of continued economic growth and strong consumer spending, but indicated that the central bank would “proceed carefully” with additional hikes.

As of Monday morning, traders were pricing in a nearly 20% chance that the Fed will hike rates again at its upcoming September meeting, according to CME Group’s FedWatch tool.

Investors this week will weigh the Federal Reserve’s preferred inflation gauge, the personal consumption expenditure index, out on Thursday. Wall Street will then turn its attention to a fresh non-farm payroll report on Friday.

Portfolio:

We enter the final week of this terrible month for traders holding setups in S, IOT, AEHR, COUR, NNDM, and CVE. Monster week gearing up as we look to see volume return and traders begin to position themselves for the Fall months. We look for massive opportunities on both sides of the trade to ignite. Queue began to see a ton of activity Friday, which as extremely positive. Looking forward to the period ahead. Be ready this week and let's have a great session today.