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US stocks wavered on Monday but were still set for strong monthly and quarterly gains as investors waited to hear Federal Reserve Chair Jerome Powell speak in the run-up to the crucial monthly jobs report.
The S&P 500 (^GSPC) was down 0.1%, while the Nasdaq Composite (^IXIC) bounced off its lows of the day to also fall about 0.1%. Meanwhile, the Dow Jones Industrial Average (^DJI) slipped about 0.4%.
The Wall Street indexes were still eyeing a monthly gain heading into the last trading day of September, typically the cruelest month for stocks. The Federal Reserve’s jumbo interest rate cut and signs of resilience in the US economy have lifted confidence, helping stocks post three weekly wins in a row.
Investors are now bracing for the September jobs report, due out on Friday, which is seen as posing an important test for the recent rally. The pressing question is just how quickly the labor market is slowing as the market weighs whether the Fed has acted aggressively to protect a healthy economy or to help a flailing one. Fed Chair Powell’s comments on the outlook for the economy on Monday afternoon could help settle that debate.
A growing pile of profit warnings from automakers clouded the mood early Monday. Stellantis (STLA, STLAM.MI) shares tumbled 13% after the Chrysler parent slashed its margin outlook, citing supply chain disruption and weakness in China. General Motors (GM) and Ford (F) were both down around 4% in tandem. Aston Martin (AML.L, ARGGY) shares plunged over 20% after the luxury automaker warned on earnings too.
Overseas, China’s benchmark stock index (000300.SS) posted its biggest gain since 2008, entering a bull market, as buyers rushed in ahead of a weeklong holiday. But in Japan, the Nikkei 225 (^N225) tumbled as a surprise vote wrong-footed investors betting on an easing-friendly prime minister.
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