The Labor Day holiday signifies the unofficial end to summer. On Wall Street, trading volumes are set to return to normal after a quieter summer season.
In the absence of key earnings, investors will remain focused on the economic data. Political developments in Washington are also being eyed ahead of the September 30 budget deadline. That’s the date that Congress must pass a new spending bill to avoid a government shutdown. President Donald Trump is using the deadline as an opportunity to secure initial funding for his proposed border wall with Mexico. Talks about a new bill to reform the tax code could also influence market behavior on Wall Street.
Nonfarm payrolls highlighted the week before Labor Day. To compare this week’s outlook with the previous version, click here.
Monday
Wall Street will be closed on Monday for Labor Day. No economic data releases are scheduled. Markets will resume normal trading hours Tuesday morning.
Tuesday
Economic Data
U.S. factory orders headline the economic calendar on Tuesday. The monthly indicator represents the dollar level of new orders for both durable and nondurable goods. Orders for factory goods are down in two of the past three months, but rebounded sharply in June.
