Happy Friday!
Stocks start the week strong, then end on a whimper. The Federal Reserve hosts its annual economic symposium this week at Jackson Hole. A Super Blue Moon - the next one won't be until 2037. The "Great Minnesota Get-Together" is underway!
#1 - Weekly Market Recap
Stocks rose to start the week, adding to the last few weeks of gains. However, investors appeared to hold off buying to end the week, pushing stock prices down.
Through Thursday’s close the major US Indices were relatively flat, with the S&P 500 up +0.2%, the Dow Jones rising +0.1%, while the tech-heavy Nasdaq fell -0.2%
Building off an impressive 8-day win streak, the S&P 500 climbed to within 1% of all-time highs to start the week. Through this week, US stock markets recovered most of the declines experienced in the final weeks of July and the start of August.
Even though it is the final week of summer next week, investors will be paying close attention to stock markets as semi-conductor chip company Nvidia reports earnings on Wednesday afternoon and consumer spending data is released Friday morning.
#2 - Jackson Hole Symposium
Investors turn their attention to Jackson Hole Wyoming this week as the Federal Reserve hosts one of the longest running annual central bank symposiums. The primary focus of the event will be Federal Reserve Chair Jerome Powell’s speech today at 9 a.m. CT.
The symposium occurs at a pivotal point for the U.S. economy and Powell’s speech is expected to provide crucial insights into the timing of the highly anticipated interest rate cuts.
After years of holding interest rates at elevated levels to combat inflation, the Federal Reserve appears to be slowly shifting its interest rate stance toward a more balanced view in recognition of moderating inflation and some initial signs of labor market weakness.
While analysts are not expecting Powell’s Jackson Hole comments to depart from his remarks following the July Federal Reserve meeting, there is an expectation that he will acknowledge the Federal Reserve’s migration to lower interest rates if labor market conditions soften.
Investors are somewhat on edge as Powell’s speeches at Jackson Hole have tended to introduce volatility in the markets.
Recent economic data, including a solid consumer spending report and a slight decline in unemployment claims, have eased recession fears resulting in moderating expectations of aggressive interest rate cuts.
As a result, Powell may use his Jackson Hole speech to emphasize a patient, data-driven approach, and signal that the Federal Reserve is not in a hurry to aggressively cut interest rates.
#3 - Once in a Super Blue Moon
On Monday night, sky watchers had a rare celestial treat -- a supermoon coinciding with a blue moon. This dual spectacle was extra special as it only occurs roughly once a decade.
A supermoon occurs when a full moon aligns with the moon’s closest approach to earth, making it appear larger and brighter. This week’s supermoon made the moon appear 14% larger than usual.
A blue moon happens when there are four full moons in a single season, in this case, summer.
Despite the name, blue moons aren’t actually blue. The moon’s hue remains its typical off-white and gray with subtle tints of brown and yellow.
According to NASA, a blue moon occurs approximately every two to three years while super blue moons can occur 20 years apart, with a typical occurrence about every 10 years.
According to NASA, the next supermoon that aligns with a blue moon could take up to 20 years to occur. The most reliable prediction for the next super blue moon is in January 2037, although variations in definitions might lead to other occurrences before then.
Source: NBC News
#4 - Minnesota State Fair
Thursday marked the beginning of the 159th annual Minnesota State Fair referred to as, “The Great Minnesota Get Together.”
The Minnesota State Fair is the largest fair in the country by average daily attendance -- drawing 158,000 daily visitors in 2023. With a yearly attendance of around 1.8 million, the Minnesota Fair ranks second only to the Texas State Fair which attracts 2.5 million visitors (but also runs 11 days longer).
Famed for its Sweet Martha’s Cookies, Tom Thumb’s mini donuts, deep-fried cheese curds, Pronto Pup corn dogs, and turkey legs, the Minnesota State Fair features over 500 food options from more than 300 concession stands.
Alongside these Fair staples, attendees can also discover a range of new and innovative foods this year, including Buffalo Cheese Curd Chicken Tacos, Crab Boil Wings, and Cotton Candy Iced Tea.
In addition to its culinary delights, the Fair boasts a diverse array of entertainment options, featuring live concerts from artists like Jon Pardi, Blake Shelton, and T-Pain, as well as thrilling rides and exciting competitions.
We hope to see you all at the Fair!
Source:CBS News
Have a great weekend!
Denver and the DSGCA Team