Markets today: September opens on a data-heavy morning

The first session of September brings job openings and the ISM factory survey at 10 a.m. ET, the opening reads of a week that runs to Friday's employment report, as yields and oil climb overnight.

September opens with a full data slate. Job openings and the ISM factory survey both land at 10 a.m. ET, the first readings in a week that runs to Friday’s August employment report. Treasury yields and oil prices climbed overnight, and stock futures started the month lower. Two names Bellwize covers, Dell and Palo Alto Networks, report after today’s close.

On the calendar today

Fed Governor Michael Barr speaks first, at 9:05 a.m. ET. At 10 a.m. ET the labor and factory data arrive together: JOLTS job openings, forecast at 7.3 million against a prior 7.36 million, and the ISM manufacturing PMI, seen at 55.2 after 55.6 the month before. The ISM manufacturing employment index, previously 52.8, lands in the same release. The survey polls purchasing managers at factories. Above 50 signals expansion. The weekly API crude oil stock report closes the day at 4:30 p.m. ET, following a prior build of 4.2 million barrels. That report is an industry estimate of U.S. crude inventories.

Reporting today

Dell Technologies and Palo Alto Networks report today. Dell sells personal computers and data-center hardware, and Palo Alto Networks sells cybersecurity software. Both are scheduled after the close.

Backdrop

The major indexes ended August lower. The S&P 500 closed at 7,686.14, down 0.33%. The Dow fell 0.70% to 53,185.90, and the Nasdaq Composite slipped 0.12% to 26,370.89. The VIX rose to 15.71. The 10-year Treasury yield stood at 4.73%.

The week ahead

Wednesday, Sep. 2. Broadcom and Snowflake report.

Thursday, Sep. 3. The ISM services PMI arrives at 10 a.m. ET, following a prior reading of 54.1. Lululemon reports.

Friday, Sep. 4. The Bureau of Labor Statistics releases nonfarm payrolls and the unemployment rate at 8:30 a.m. ET. The prior payroll change was −23,000, and the unemployment rate held at 4.1%.

Monday, Sep. 7. Markets are closed for Labor Day.

What to watch

The two 10 a.m. releases are the week’s first look at the labor market. Job openings come from the Labor Department’s JOLTS survey, which counts unfilled positions on the last business day of the month. The ISM survey’s employment component tracks factory hiring. Both feed the same question. Friday’s payrolls report, which counts the net monthly change in jobs across the economy, answers it directly, and last month’s print showed a decline of 23,000 jobs.

The month began with Treasury yields and oil prices rising and stock futures pointing lower. Overnight in Europe, inflation data and government bond yields climbed ahead of the European Central Bank’s next meeting, and traders repriced their expectations for central-bank rates. That is the tone the U.S. session opened into.

This is a general-market summary for information only — not investment advice, and not a recommendation regarding any security.