Monday's Market Minute: Only Takes A Market Minute To Get Ahead…

As the dust settles from Friday’s better-than-expected jobs report, investors and traders are keeping a watchful eye on U.S. indices at or near all-time highs, COVID concerns sending crude oil back to the July lows, gold to 4-month lows, inflation data due out later this week, earnings, and the U.S. dollar farming up with rates slowing the decline we’ve seen throughout the month of July and into the beginning of August. First, Delta variant concerns: with cases here in the U.S. topping 100K daily, investors have largely ignored unknowns tied to rising virus case counts and opted to focus on earnings instead. Three of the four major U.S. indices posted new all-time highs last week, while small-cap stocks continue to lag; nothing new there.

We begin the week with the focus on jobs: at 10AM ET we have the JOLTS release, the record levels we’ve seen in months past will be watched to gain further insight as to hiring and job openings here in the U.S. Later this week, keep an eye on CPI and the PPI data due out Wednesday and Thursday; last month, on the consumer side, the number came in a bit “hot.” It’s no secret inflationary pressures are out there; overnight China reported PPI figures which, sticking with the trend, came in higher than expected.

We also have Productivity and Costs, the NFIB Small Business Optimism Index, multiple Fed speakers, Consumer Sentiment, and Crude Inventories on Thursday, which will be closely watched after last week’s build. Also, don’t forget to keep an eye on monthly reports from OPEC, the IEA, and the WASDE, all expected for release Thursday. In terms of companies reporting quarterly results, a few standouts today are Dish Network, Tyson Foods, and AMC Entertainment. Later in the week, we have eBay, Baidu, Airbnb, and Walt Disney all reporting and providing further insight as to consumer trends. We also have an infrastructure bill expected to reach a final vote in the Senate this week, and lockdowns globally in areas like Australia, so lots to keep an eye on as always; stay nimble.