Rover's Weekly Market Brief - 09/13/2024

New Video on 5 Key Features of Stock Rover

We have created a brand-new video that showcases five of the most important features of Stock Rover. You can watch the video here.

Economy

The Labor Department reported the consumer price index increased (+0.2%) in August, matching July. The all items index has increased (+2.5%) over the last 12 months, the lowest reading since February 2021 and down 0.4 percentage point from July. Much of the monthly increase in the all items index was attributed to the shelter index, which increased (+0.5%) after increasing (+0.4%). The energy index decreased (-0.8%) after reporting flat the previous month. The food index increased (+0.1%), while the food away from home index rose (+0.3%). Core CPI inflation, which excludes food and energy, increased (+0.3%) in August after rising (+0.2%) in July. The annual rate of core CPI inflation increased (+3.2%), matching the previous month. Indexes with significant increases over the last year include motor vehicle insurance (+16.5%), shelter (+5.2%), education (+3.1%), medical care (+3.0%), and recreation (+1.6%).

The Labor Department reported initial jobless claims increased 2,000 to a seasonally adjusted 230,000 for the week ending September 7th. The four-week moving average was 230,750, an increase of 500 from the previous week’s upwardly revised average. Of the 53 states and U.S. territories that report jobless claims, 39 reported declines and 14 reported increases. For the week ending August 31st, the insured unemployment rate was unchanged at 1.2%. The total number of unemployment claims was 1.850M, up 5,000 from the previous week’s upwardly revised level. For the week ending August 24th, 1.824M people were receiving jobless benefits through state or federal programs, a decrease of 43,120 from the previous week. There were 1.772M weekly claims filed for the comparable week in 2023.

The Labor Department reported that the producer price index for final demand, which measures the prices that producers pay for goods and services, increased by a seasonally adjusted (+0.2%) in August, following a downwardly revised to unchanged reading for July. The index for final demand goods was unchanged. The index for final demand services increased (+0.4%) after declining (-0.3%) the previous month. A (+0.3%) gain in the index for final demand services less trade, transportation, and warehousing accounted for over 60% of the rise. Excluding food, energy, and trade services, the core PPI increased (+0.3%), matching July’s reading. Year over year, the headline PPI increased (+1.7%), improving on the downwardly revised (+2.1%) recorded in July. Core PPI inflation moved up (+3.3%) year over year, from a downwardly revised (+3.2%) the previous month.

Upcoming Economic Reports:

Tuesday September 16 – Retail Sales (MoM) (August)

Wednesday September 17 – Fed Interest Rate Decision

Earnings Calendar:

 

Monday	Tuesday	Wednesday	Thursday	Friday
BYD (BYDDY)	Apogee Enterprises (APOG)	General Mills (GIS)	FedEx (FDX)	Prenetics Global (PRE)
Ennis (EBF)	Ferguson Enterprises (FERG)	Steelcase (SCS)	Lennar (LEN)	Santech Holdings (STEC)