Market Preview: U.S. / Canada Trade Talks Stall, Ahead Broadcom Earnings and Unemployment

Tense negotiations between the U.S. and Canada stunted the week long rally in the markets, but so far it looks like a small pause as opposed to a reversal. The Nasdaq largely ignored the trade issues, which appear to be hung up on dairy farming subsidies, with Apple (AAPL) and Amazon (AMZN) leading the tech heavy index higher. Amazon is making a push to become the second trillion dollar market cap company after Apple reached that lofty valuation.  Monday may bring a different story if the Canada discussions continue with rancor, and EU tariff troubles make it back into the headlines. Thursday President Trump rekindled the smoldering trade war with the EU saying the European Union was not doing enough when they offered to remove tariffs on autos.

Monday is the Labor Day holiday in the U.S., and markets are closed. But the rest of the week brings plenty of earnings action. Tuesday Workday (WDAY), HealthEquity (HQY) and the business spend management company, Coupa Software (COUP) all report earnings numbers. Analysts will dissect earnings from Ctrip.com (CTRP) info security firm Zscaler (ZS), as well as data management company Cloudera (CLDR) on Wednesday. Some heavy hitters step to the plate on Thursday. Broadcom (AVGO), Palo Alto Networks (PANW) and Marvell Technology (MRVL) all report after the close. Dell Technologies (DVMT) will lead off on Thursday morning. Closing out the first week of September on Friday are Genesco (GCO) and Greece based Tsakos Energy Navigation (TNP).  

Due to the holiday, no economic numbers will be reported on Monday. But for the rest of the week it’s back to business as usual. Tuesday kicks off with ISM manufacturing, PMI manufacturing, and construction spending. Wednesday investors will pick through motor vehicle sales, mortgage applications, Redbook data, and international trade. The trade numbers may be of particular interest if the tariff wars heat back up next week. Thursday is all about jobs, jobs, jobs. Analysts will decipher the job cut report, ADP employment report, and jobless claims. New claims last week came in at 213K. Also on tap for Thursday are productivity and cost numbers, the PMI Services Index, factory orders, and the ISM Non-manufacturing Index. And finally, Friday continues the jobs theme when the employment situation numbers are released. This includes the unemployment rate, average hourly earnings, and the month-over-month change in non-farm payrolls.

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