Weekly Recap

• Stocks are ending September strong. While the major indexes closed mix on Friday, U.S. stocks rose for the third week in a row to close out a strong month. This was a tremendous recovery from the big decline they saw in the first trading week of September.  
•  The S&P 500 and the Dow added 0.6% to the record-high levels they reached the previous week while the NASDAQ rose 1.0% and ended up 2.8% below a record it set more than two months ago.
• Inflation is finally easing. The U.S. Federal Reserve’s preferred inflation gauge on Friday was a bright spot of the week, showing a further slow-but-steady easing of price pressures. The Personal Consumption Expenditures Index rose at an annual rate of 2.2% in August. This was a little below economists’ consensus forecast and the lowest figure since February 2021. Excluding energy and food prices, the core PCE Index rose 2.7%, matching expectations.
• Positive data this week. The U.S. government’s latest estimate of second-quarter economic growth found that GDP expanded at a 3.0% annual rate. This came in better than economists’ expectations for a 2.9% rate. Separately on Thursday, the latest weekly total of new unemployment claims fell to 218,000, the lowest claims figure in four months. 
• Chinese stocks rally. Mainland Chinese stocks saw gains as the nation’s central bank approved measures to accelerate recently sluggish growth for China's economy. The People’s Bank of China on Tuesday announced plans to lower borrowing costs, inject more funds into the economy, and ease households' mortgage repayment burdens.
• European stocks move higher. A European stock index climbed more than 2% for the week after investors learned of the economic stimulus announcement from China and better-than-expected inflation data from France and Spain. 
• Sentiment is growing. An indicator that tracks U.S. consumer sentiment rose for the second month in a row, showing a reversal from a recent downward trend that began in the spring. Friday’s 70.1 reading from the University of Michigan’s Consumer Sentiment Index was up from August’s figure of 67.9. 
• Oil prices dropped. The price of U.S. crude oil dropped nearly 4% for the week to less than $69 per barrel on Friday. 

Most Active Stocks

• CoinBase Global (COIN)
• Nvidia Corp. (NVDA)
• Mara Holdings (MARA)
• Micron Technology (MU)
• Carnival Corp. (CCL)

Biggest Gainers

• IonQ, Inc. (IONQ) +20.47%
• NIO, Inc. (NIO) +12.80%
• Rocket Lab USA (RKLB) +12.54%
• Novavax, Inc. (NVAX) +9.51%
• EchoStar Corp. (SATS) +8.85%

Biggest Losers

• Summit Therapeutics (SMMT) -8.44%
• Hecla Mining Co. (HL) -5.29%
• AngloGold Ashanti (AU) - 5.04%
• Vera Therapeutics (VERA) -4.86%
• Globe Life Inc. (GL) -4.74%

Weekly Notables

Space X Launches Rescue Mission

SpaceX has launched a rescue mission for the two stuck astronauts at the International Space Station. On Saturday the company sent up a downsized crew to bring them home but not until next year. Space X is on a mission to rescue the pilots from the Boeing spacecraft that returned to Earth empty earlier this month because of safety concerns. 

DirectTV May Be Buying Dish Network Soon

According to sources familiar with the matter, EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV. The companies are expecting to complete a deal by Monday, no deal is assured, and the talks may still fall apart. EchoStar is aiming to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process. EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30.

The Week Ahead

• Potential market moving catalysts this week: A monthly employment report is scheduled to be released on Friday that will show how September’s jobs growth compared with August’s gain of 142,000 jobs. Job openings and labor turnover survey is expected on Tuesday from the U.S. Bureau of Labor Statistics as well as data from the Institute for Supply Management's manufacturing index. On Wednesday the ADP National Employment Report is due while on Thursday factory orders from the U.S Census Bureau will be released and weekly unemployment claims from the U.S. Department of Labor.
• Earnings on deck this week include: Carnival Corporation, SolarBank Corp., Pioneer Power Solutions, Inc., Nike, Paychex, United Natural Foods, ConAgra Brands, Levi Strauss & Co., Novagold Resources, Constellation Brands, iHuman, Uranium Energy Corp., Bionomics Limited, and Taylor Devices

Earnings Spotlight: Nike

Nike reports earnings Tuesday after the market closes, with analysts expecting a decline in sales and profits from the same time last year. This financial report will be John Donahoe's last as CEO. Nike announced plans earlier this month to bring in 30-year-plus Nike veteran Elliott Hill as CEO in October. Analysts have said that Nike could cut its full-year projections and move its investor day, currently set for Nov. 19th.