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“There is a time to make money and a time to not lose money.” – David Tepper

There’s not a lot going on in the futures market this morning as investors await the August read on CPI.  While the monthly increase is executed to show an increase of 0.4%, it would be the lowest rate of increase since February.  Already this morning, the NFIB Small Business Sentiment survey came in modestly better than expected showing continued tightness in US labor markets.  That tightness is only likely to get worse in the months ahead as Amazon announced plans to hire an additional 125K employees in the US at starting wages of $18 per hour.  Japanese stocks were higher overnight, but Europe has been drifting lower.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

Including yesterday’s gain, the post-Labor Day trading environment has been a weak one for every sector except Energy.  As shown in the snapshot below from our Trend Analyzer, the Energy sector is the only one that hasn’t moved down within its trading range over the last five trading days.  Weakness during this period has been led by Real Estate and Health Care which are both down over 3%.  Despite those losses, they are still both pretty much at or above their 50-day moving averages.  The Industrials sector hasn’t been the weakest of the eleven sectors, but its 2.26% decline has been enough to make it the only oversold sector in the S&P 500.

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