Market Watch: September Jobs Report, Fed Speakers, and Earnings From Nike & Carnival Set the Tone

Brace for impact—this week's economic calendar packs enough firepower to move markets.

Jobs Report Drops Friday

The September employment numbers land like a quarterly earnings bomb—everyone's watching, everyone's guessing. Will the Fed get the cooling labor market it's been praying for?

Fed Speakers Everywhere

Central bank officials hit the circuit harder than a crypto influencer during a bull run. Listen for hints about rate cuts—or the lack thereof.

Corporate Earnings Spotlight

Nike and Carnival step into the earnings confessional. One sells dreams of athletic glory, the other sells floating buffets—both tell us how the consumer's really doing.

Because nothing says 'stable economy' like hanging market direction on shoe sales and cruise ship capacity.

Jobs Data Comes as Fed Keeps Close Eye on Labor Market after Rate Cut

After Federal Reserve officials earlier this month said unemployment worries led them to make their first interest rate cut this year, the Bureau of Labor Statistics' next employment report will likely show the extent of labor market weakness. The economy added 22,000 jobs in August, a weaker showing than in recent months, while unemployment ticked higher.

With unemployment rising, but inflation also remaining above target, Fed Chair Jerome Powell said that the central bank faces a “challenging” situation in setting interest rates. That challenge is likely to be further addressed by Fed officials who are scheduled to speak this week, including New York Fed President John Williams and Cleveland Fed President Beth Hammack,

Nike Earnings Put Spotlight on Turnaround Efforts

Will Nike’s turnaround continue? Investors may find out the answer to that question after the sneaker maker’s scheduled quarterly earnings report release on Tuesday. Nike (NKE) posted smaller-than-expected drops in profits and sales in its most recent earnings report, coming as CEO Elliott Hill has promoted a plan to reverse the decline of the athletic wear maker. 

Deliveries from electric vehicle maker Tesla (TSLA), expected Thursday, could offer a surprise to the upside, some analysts have suggested, anticipating a near-term boost from consumers rushing to take advantage of EV tax credits before they expire at the end of this month. The EV maker's stock has been hot lately.

Cruise line operator Carnival (CCL) will show whether it can keep its recent success going when it reports on Monday. Investors will also be watching Conagra’s report on Wednesday after the Slim Jim maker reported a 4% sales decline in the prior quarter. 

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This Week’s Calendar

• Pending home sales (August)
  
• Federal Reserve Officials Speaking: Cleveland Fed President Beth Hammack, New York Fed President John Williams, St. Louis Fed President Alberto Musalem, Atlanta Fed President Raphael Bostic, Fed Governor Christopher Waller
• Key Earnings: Carnival, Jeffries Financial (JEF), Vail Resorts (MTN)

• Job openings (August)
• U.S. federal government funding deadline
• Federal Reserve Officials Speaking: Chicago Fed President Austan Goolsbee, Vice Chair Philip Jefferson
• More Data to Watch: Consumer confidence (September), S&P Case-Shiller home price index (July), Chicago Business Barometer (PMI) (September)
• Key Earnings: Nike, Paychex (PAYX), Lamb Weston (LW)

• ADP employment report (September)
• More Data to Watch: Construction spending (August), S&P final U.S. manufacturing PMI (September), ISM manufacturing PMI (September)
• Key Earnings: RPM International (RPM), Acuity (AYI), Conagra (CAG), Cal-Maine Foods (CALM)

• Initial jobless claims (Week ending Sept. 27)
• More Data to Watch: Factory orders (August)
• Key Earnings: AngioDynamics (ANGO)
• Tesla's (TSLA) Q3 deliveries expected

• U.S. employment report (September)
• Fed Speakers: Vice Chair Philip Jefferson
• More Data to Watch: S&P final U.S. services PMI (September), ISM services PMI (September)

One More Thing

Are you a high earner who needs to catch up on retirement savings? A change to the rules governing 401(k) contributions could impact how you’re taxed on retirement savings. Investopedia’s Trina Paul has more on those changes.