Negative economic data finally hit the tape as a bad thing with ISM surveys delivering signs of deepening contraction, sending equities lower. The Dow finished the day off 1.21% while the S&P 500 closed down 1.37%, while the Nasdaq composite gave up 2.30%. Low vol. sectors led the tape as the XLU, XLRE and XLV were the top performers while XLK, XLE and XLY were down the most in that order.
Traders must be dizzy after the two-day whiplash. Friday brings more data on Manufacturing and Non-Farm Payrolls, the Unemployment Rate and Labor Force Participation. As things stand, the yield on the 10yr Treasury moved below 4% settling at 3.97% while Crude and Commodities prices firmed. The Russell 2000 was down more than 3%, while money flowed into international equities with the MSCI EM and EAFE Indices up 1.23% and 1.74% respectively.
On the earnings calendar, Energy Sector majors XOM and CVX report before the bell on Friday as investors will have one more chance to weigh in on a volatile week.
Eco Data Releases | Friday August 2nd, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 08/02/2024 08:30 | Two-Month Payroll Net Revision | Jul | — | — | -111k | — |
| 08/02/2024 08:30 | Change in Nonfarm Payrolls | Jul | 175k | — | 206k | — |
| 08/02/2024 08:30 | Change in Private Payrolls | Jul | 140k | — | 136k | — |
| 08/02/2024 08:30 | Change in Manufact. Payrolls | Jul | -5k | — | -8k | — |
| 08/02/2024 08:30 | Unemployment Rate | Jul | 4.10% | — | 4.10% | — |
| 08/02/2024 08:30 | Average Hourly Earnings MoM | Jul | 0.30% | — | 0.30% | — |
| 08/02/2024 08:30 | Average Hourly Earnings YoY | Jul | 3.70% | — | 3.90% | — |
| 08/02/2024 08:30 | Average Weekly Hours All Employees | Jul | 34.3 | — | 34.3 | — |
| 08/02/2024 08:30 | Labor Force Participation Rate | Jul | 62.60% | — | 62.60% | — |
| 08/02/2024 08:30 | Underemployment Rate | Jul | — | — | 7.40% | — |
| 08/02/2024 10:00 | Factory Orders | Jun | -3.20% | — | -0.50% | — |
| 08/02/2024 10:00 | Factory Orders Ex Trans | Jun | — | — | -0.70% | — |
| 08/02/2024 10:00 | Durable Goods Orders | Jun F | -6.60% | — | -6.60% | — |
| 08/02/2024 10:00 | Durables Ex Transportation | Jun F | 0.50% | — | 0.50% | — |
| 08/02/2024 10:00 | Cap Goods Orders Nondef Ex Air | Jun F | 1.00% | — | 1.00% | — |
| 08/02/2024 10:00 | Cap Goods Ship Nondef Ex Air | Jun F | — | — | 0.10% | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Friday August 2nd, 2024
Factor Friday
High Beta stocks broke down definitively vs. low vol. today. While the S&P 500 held near-term support above the 5396 level the situation is precarious. It’s the buyers turn to show their hand as the week concludes.
- S&P 500
- Invesco S&P High Beta ETF / Invesco S&P Low Vol. ETF
Sources: Bloomberg
