Highlights
Most markets except financials will be closed on Monday, September 2, due to the Labor Day holiday. Trade will resume Monday evening.
The U.S. Department of Commerce revised second quarter GDP up 0.2% to +3.0% of growth. GDP in the first quarter of 2024 was +1.4%. Consumer spending rose 2.9% in the second quarter versus 1.5% in the first quarter 2024. U.S. jobs figures yesterday show the number of Americans filing for new unemployment benefits slipped last week, but re-employment opportunities for laid-off workers are becoming more scarce.
Historically, September is the worst-performing month for the S&P 500. It is time to make a decision about selective (short-term hedging) of your retirement investment. It is like grain in the bin. The seasonal price trend is down in September and then back up into the end of the year. Why not protect your account from the normal downtrend for the next month? Plus the possible interest rate cut in September would pressure the stocks if it happens. The S&P index is 1.4% below the all-time high. The Dow Jones made a new record just yesterday.
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