Index futures, the overnight tape, and the calendar that matters today.
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This is the CAMS Morning Market Brief for Monday, August 3.
Markets come into the new week off a Friday close that looked stronger than it felt. The S&P 500 rose about seven tenths of a percent and the Nasdaq added a similar amount, but only four of the eleven sectors finished higher. Consumer discretionary did most of the heavy lifting, up more than three percent, with communications and energy behind it, while materials fell more than two percent and utilities and health care also slipped. Small caps sat the rally out, with the Russell 2000 down about half a percent.
This morning, index futures are holding close to those Friday levels, with S&P futures just above seventy-five fifty, suggesting a fairly quiet setup into the open. The VIX sits near sixteen, still on the calm end of its recent range.
The calendar is the real story this week. At ten this morning the ISM manufacturing survey lands, along with its prices component, a first read on both factory activity and input costs. From there it becomes a labor data parade: job openings Tuesday, ADP payrolls and ISM services Wednesday, jobless claims Thursday, and then the July jobs report Friday morning, with the unemployment rate and average hourly earnings alongside it.
So the market wakes up to a quiet Monday with a heavy week of data stacked behind it.
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