Monday's Market Minute: Previewing The End Of September

Another busy week for traders and investors, but it only takes a market minute to get ahead of what could move markets.

We have some data due out this week worth mention: Durable Goods Orders, GDP, Personal income and Spending, some PMI data that should be watched, weekly Jobless Claims, and housing data. For crude oil, the WTI light sweet is nearing the July highs, so keep an eye on inventories as the string of weekly draws has U.S. inventories to 3-year lows. The EIA will report Wednesday; last week’s draw of -3.481M marked the seventh weekly decline in a row. The steady draw in inventories, U.S. indices trading at or near all-time highs, the U.S. Dollar holding below key resistance, and recent comments from the EIA and OPEC have been supportive of crude oil prices. Heating oil and natural gas have been well bid as well; it’s not just crude. Last week, heating oil traded to levels we haven’t seen since Fall of 2018, and natural gas is holding at Spring of 2014 levels.

U.S. rates have been inching up as treasury futures got sold last week again. While the U.S. Dollar remains relatively range-bound, as has been gold and copper, keep an eye on silver this week; it’s testing key support around 22.

As far as companies reporting quarterly results, we have a few names worth mention. I’ll be watching results from Micron MU, Bed Bath and Beyond BBBY, as well as CarMax KMX. Not a lot in terms of quarterly results, but U.S. indices at or near all-time highs is a reflection of Fed Chair Jerome Powell’s ability to ease investors’ concerns related to inflation, COVID, and the inevitable tighter monetary policy to come.

Lastly, investors and traders will be watching lawmakers here in the U.S. as they try to avoid a government shutdown, as Congress tries to pass a new budget by the end of September.

Image by Michael Kauer from Pixabay