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The Day Ahead (New!) MARKET RECAP at 4 pm ET Treasury yields advanced on bets that Coming Up higher interest rates were on the way. Losses in tech shares weighed on the The Conference Board is expected to Nasdaq and the S&P 500. The dollar show consumer confidence rose to inched up against its major peers. Oil 114.9 in September, compared with a rose on tighter supply concerns. Gold reading of 113.8 in August. A separate was little changed in choppy trading. report will likely show the S&P/Case Shiller composite index, gauging house prices of 20 metropolitan areas, is expected to have risen 20% in July from a year ago after increasing 19.1% REUTERS/Kevin Lamarque STOCKS Close Chng %Chng Yr-high Yr-low in June. DJIA 34870.95 72.95 0.21 35631.19 26143.77 Federal Reserve Chairman Jerome the Future of Supervision." Meanwhile, Nasdaq 14969.97 -77.73 -0.52 15403.44 12397.05 Powell (pictured) is scheduled to testify Federal Reserve Bank of Chicago S&P 500 4443.13 -12.35 -0.28 4545.85 3662.71 on Coronavirus and CARES Act before President Charles Evans is scheduled Toronto 20463.42 60.76 0.30 20897.57 15418.46 the U.S. Senate Banking, Housing and to give welcome remarks before the FTSE 7063.40 11.92 0.17 7224.46 6397.24 Eurofirst 1784.98 -2.08 -0.12 1836.57 1521.71 Urban Affairs Committee. Separately, virtual Federal Reserve Bank of Nikkei 30240.06 -8.75 -0.03 30795.78 26954.81 St. Louis Fed President James Bullard Chicago Payments symposium. Hang Seng 24208.78 16.62 0.07 31183.36 23771.46 is scheduled to speak by Webex at Federal Reserve Bank of Atlanta Community Banking Research President Raphael Bostic is TREASURIES Yield Price Conference. At the same event, scheduled to speak on the economic 10-year 1.4889 -8 /32 Federal Reserve Board Governor outlook before virtual Mid-Sized Bank 2-year 0.2799 0 /32 Michelle Bowman is scheduled to Coalition of America CEO Talks. 5-year 0.9863 -4 /32 speak on "Creating a New Model for 30-year 2.0007 -10 /32 FOREX Last % Chng KEY ECONOMIC EVENTS Euro/Dollar 1.1697 -0.15 Events ET Poll Prior Dollar/Yen 111.00 0.25 Advance goods trade balance for Aug 0830 -- -$86.82 bln Sterling/Dollar 1.3703 0.15 Dollar/CAD 1.2627 -0.20 Wholesale inventories advance for Aug 0830 -- 0.6% TR/HKEX RMB 99.36 0.03 Retail inventories ex-auto advance for Aug 0830 -- 0.5% Monthly home price mm for July 0900 -- 1.6% COMMODITIES ($) Price Chng % chng Monthly home price yy for July 0900 -- 18.8% Front Month Crude /barrel 75.44 1.46 1.97 Monthly Home Price Index for July 0900 -- 343.3 Spot gold (NY/oz) 1749.55 -0.31 -0.02 Caseshiller 20 mm SA for July 0900 1.7% 1.8% Copper U.S. (front month/lb) 0.0429 0.0000 0.02 CRB Index Total Return 242.60 3.12 1.30 Caseshiller 20 mm NSA for July 0900 -- 2.0% Caseshiller 20 yy for July 0900 20.0% 19.1% S&P 500 Price $ Chng % Chng Consumer Confidence for Sept 1000 114.5 113.8 GAINERS Rich Fed Composite Index for Sept 1000 -- 9 Cabot Oil & Gas Corp 22.07 1.73 8.51 Diamondback Energy Inc 95.48 6.76 7.62 Rich Fed, Services Index for Sept 1000 -- 15 Occidental Petroleum Corp 30.18 2.08 7.40 Rich Fed Manufacturing Shipments for Sept 1000 -- 6 LOSERS Texas Service Sector Outlook for Sept 1030 -- 5.4 Garmin Ltd 162.61 -10.01 -5.80 Dallas Fed Services Revenues for Sept 1030 -- 16.5 Charles River Laboratories Interna- 432.12 -26.18 -5.71 tional Inc IQVIA Holdings Inc 248.28 -13.33 -5.10 Micron Technology Inc is expected to report a rise in fourth-quarter revenue driven by demand for its chips used in laptops and data centers. Investors will also look out for comments regarding the global chip shortage. Amazon.com Inc will host a virtual event to showcase its latest gadgets and consumer technology. U.S. Treasury Secretary Janet Yellen is scheduled to speak before the hybrid National Association for Business Economics "Shocks, Shifts, and the Emerging Economic Landscape" 2021 A file photo of Micron Technology's solid-state drive for data center customers being presented at a Annual Meeting. product launch event in San Francisco, U.S., October 24, 2019. REUTERS/Stephen Nellis KEY RESULTS Company Name* Quarter ET Smart Estimates EPS Estimates** Year Ago Rev Estimates (mln) IHS Markit Ltd Q3 BMO $0.82 $0.83 $0.77 $1,166.75 Micron Technology Q4 AMC $2.35 $2.33 $1.08 $8,224.00 *Includes companies on S&P 500 index. **Estimates may be updated or revised; release times based on company guidance or past practice. I/B/E/S EPS and revenue estimates, and StarMine Smart Estimates, provided by Refinitiv. 2 Market Monitor Wall Street ended mixed as investors began the last week of September and the quarter with a pivot to value as tech shares, hurt by rising Treasury yields, weighed on the Nasdaq Composite index. "The economic reopening trade is alive and well," said Chuck Carlson, chief executive of Horizon Investment Services in Hammond, Indiana. "Economically sensitive stocks are up, and tech’s being worked over pretty good." "Rising rates typically reflect investors having a little bit more confidence in the economy not being stalled out," Carlson added. "And the Fed is also indicating it's going to start tapering sooner rather later, and that's probably helping upward trajectory in rates." Microsoft fell 1.58%, Amazon.com was down 0.60%, and Apple slipped 0.95%. The Dow Jones Traders work on the floor at the New York Stock Exchange in Manhattan, New York City, U.S., Industrial Average rose 0.21% to September 24. REUTERS/Andrew Kelly 34,870.95, the S&P 500 lost 0.28% to 4,443.11 and the Nasdaq Composite deficit is larger than we expected, with dropped 0.52% to 14,969.97. The dollar firmed, bolstered by the rise the recovery in global demand from the in Treasury yields ahead of a slew of Delta impact even faster than our Treasury yields resumed their march Federal Reserve speakers this week above-consensus forecast and with higher, with 10-year yields hitting their who could affirm expectations of the global supply remaining short of our highest level in three months on solid start of asset purchase reduction below consensus forecasts," Goldman economic data and signals the Federal before the end of the year. The dollar said. Reserve is shifting toward a more index rose 0.08% to 93.40. The euro hawkish policy. The 10-year Treasury fell 0.15% against the dollar to Gold prices steadied in choppy trading, yield rose as high as 1.516% in $1.1697. Moves in the currency pair with gains curbed by a firmed dollar morning trading, its first time above largely ignored developments in and an uptick in Treasury yields, while 1.5% since June 29, before falling back German elections at the weekend, with investors awaited speeches from as the higher rate drew in buyers. 10- the Social Democrats projected to Federal Reserve policymakers for more year notes were down 8/32, yielding narrowly defeat the CDU/CSU clues on the tapering strategy. Spot 1.4889%. The benchmark note's yield conservative bloc. gold was 0.02% down at $1,749.55 per rose almost 9 basis points last week, ounce. U.S. gold futures inched down the fifth week of gains and the biggest Oil prices gained as investors fretted 0.08% at $1,750.30 an ounce. "We're weekly jump since March, as investors about tighter supplies because of rising still having some concerns out there reacted to hawkish shifts by major demand in parts of the world. Brent that is keeping the safe haven bid alive central banks including the U.S. crude rose 1.68%, to $79.40 a barrel. on dips. But we continue to see the Federal Reserve and the Bank of U.S. crude futures were 1.97% up at dollar making gains and keeping a little England. The Treasury Department $75.44 a barrel. Goldman Sachs raised bit of pressure on the commodities sold $61 billion in 5-year notes at a by $10 its year-end forecast for Brent complex, most notably gold," said high yield of 0.990%. The bid-to-cover crude to $90 per barrel. Global supplies David Meger, director of metals trading ratio was 2.37. The Department also have tightened due to the fast recovery at High Ridge Futures. sold $60 billion in 2-year notes at a of fuel demand from the outbreak of the high yield of 0.310%. The bid-to-cover Delta variant of the coronavirus and ratio was 2.28. Hurricane Ida's hit to U.S. production. "While we have long held a bullish oil view, the current global supply-demand 3 Top News Facebook puts Instagram Kids on hold amid criticism of planned app Instagram has hit pause on a new app it is creating for kids, the photo-sharing service owned by Facebook said, in a move that comes amid growing opposition for the project. Instagram Kids had been touted as requiring parental permission to join, and was supposed to provide ad-free, age- appropriate content, but U.S.
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