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Week Ahead: Can the Markets Recover from the Hurricanes?

PART:
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Part 2
Week Ahead: Can the Markets Recover from the Hurricanes? PART 2 OF 7

The Week Ahead for the S&P 500 Index

S&P 500 Index in week ended September 8

The S&P 500 Index (SPY) closed at 2,461.43 for the week ended September 8, 2017, falling 0.61% compared to the previous week’s close. The debt ceiling relief, the two hurricanes, and North Korean tensions dictated the price action of the index. A temporary slowdown of the US economy is expected as hurricane-battered regions get back to normal. The weekly initial jobless claims rose 62,000 to 298,000, above the consensus estimate of 245,000. The rise in unemployment was attributed to Hurricane Harvey. The claims are likely to grow as a result of Hurricane Irma rattling Florida.

The best performing sectors of the S&P 500 index (IVW) last week include the financials (XLF) and utilities sectors. The information technology sector (XLK) and the energy sector (XLE) posted losses.

The Week Ahead for the S&amp;P 500 Index

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Speculators decreased their bullish bets last week

For the week ended September 8, 2017, large speculators of the S&P 500 (IVV) index decreased their net bullish positions to 27,555 compared to 35,991 contracts in the previous week. The data came from the CFTC (Commodity Futures Trading Commission) through the weekly COT (Commitment of Traders) report.

What could impact the S&P 500 index this week?

US markets opened this week with news of the devastation caused by Hurricane Irma over the weekend. The impact on the markets was most likely priced in last week for North Korea’s Formation Day celebrations on Saturday, September 9.

Key economic reports to be released this week include US consumer prices and retail sales. Even if positive, these reports could be sidelined since investors could price in the impact of Hurricane Irma on the US economy.

In the next part of this series, we’ll analyze why the US dollar (USDU) rallied despite a weak August jobs report.

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