EDITOR'S NOTE

Stocks closed out the week at record highs, after Federal Reserve Chairman Jerome Powell said winding down the Fed’s bond buying program does not mean interest rates will rise.  Strategists say the rally could continue but the markets will begin to focus on next Friday’s August jobs report.  Economists expect 750,000 payrolls, according to Dow Jones, and strategists say that report could set the tone for trading in early September when many market players return from vacation.  

Powell said the Fed expects to taper bond buying this year, but also said that the labor market has not made enough progress to warrant tapering of the $120 billion monthly bond purchases just yet. The calendar has a few other economic reports of note including Tuesday’s consumer confidence and ISM manufacturing data Wednesday.

There are also a few earnings reports, including Zoom Video, Campbell Soup, Chewy and Broadcom. Energy markets are watching Hurricane Ida, which was threatening Louisiana this weekend. Oil and gas prices surged Friday, as the storm caused production shutdowns and raised concerns refineries could flood.

THE WEEK AHEAD

MICHAEL SANTOLI'S MARKET COLUMN

ACTIVIST SPOTLIGHT

YOUR WEEKEND BRIEFING