August 31, 2023

Markets:

Dow Jones Industrial Average futures were higher Thursday after Wall Street notched its fourth straight day of gains.

These gains helped the major indexes trim their monthly losses. The Dow and S&P 500 are each lower by more than 1% in August, while the Nasdaq is off by over 2%.

Investors digested weaker-than-expected payrolls data and annual gross domestic product growth forecast that nevertheless suggested the Federal Reserve could soon be done hiking rates, boosting equities.

Traders are also awaiting July personal consumption expenditures data, an inflation gauge closely watched by the Fed. Economists polled by Dow Jones are expecting a year-over-year rise of 4.2% last month, up slightly from a 4.1% increase the previous month. Weekly jobless claims data will also be out Thursday morning.

U.S. Treasury yields fell on Thursday as investors looked to the release of the personal consumption expenditures price index, a key inflation gauge for the Federal Reserve.

 

Portfolio:

Strong session for us yesterday and we continue to position ourselves for the following month and period set to begin after Labor Day. We remain patient and go into today's session holding set-ups in VST, S, COUR, NNDM, and CVE. We highly anticipate volume to decrease this afternoon further before completely sliding tomorrow into one of the lowest volume days for the markets as traders begin to leave for a long holiday weekend here in the U.S.. This has been a common trend over the last few decades. Just be careful and cautious, moves can be highly exaggerated. It's been a very strong week for us and we want to continue to build for the period ahead. Be on alert and ready and let's have a great session.