Pre Open US - US Indices 5 Sep 2023

Last week, traders assessed new indications of an economic slowdown and decreasing inflationary pressures. The most recent US Nonfarm Payrolls report revealed that the unemployment rate had risen to 3.8% in August, marking its highest level in over a year. This was contrary to the 3.5% rate anticipated by economists surveyed by Dow Jones. Additionally, average hourly earnings increased by 4.3% year-over-year, falling short of the 4.4% increase predicted by Dow Jones' polled economists.

Investors may also be bracing themselves for a challenging month in the stock market. Historically, September has been the weakest month for equities, and investors will be closely examining economic reports, including fresh inflation data, in preparation for the Federal Reserve's September policy meeting. The central bank's policymakers are scheduled to convene for a two-day meeting commencing on September 19, with the interest rate decision set to be announced on September 20.

Nasdaq continues displaying signs of strength by surpassing the 15,300-resistance level and heading towards the 16,000 mark, its previous peak. This higher level presents a formidable challenge for further advancement.