The Money Edit

Opening bell

Opening bell

Brent crude $97.13 0.9%
Nikkei 225 66,400 2.1%
Kospi 6,995 4.6%
S&P 500 Friday close 0.4% to 7,718.60
2 year Treasury yield to 4.37%

US shut for Labor Day, Asia tech rallies

Overnight

US stock and bond markets are shut today for Labor Day, so Friday's close is still the latest read and it was a soft one. The S&P 500 fell 0.38% to 7,718.60 and the Dow lost 0.51% to 53,414.25 after August payrolls came in at 162,000 against a forecast near 55,000, which pushed the 2 year Treasury yield to a 52 week high of 4.374%. Overnight Asia went the other way, with the Nikkei 225 closing up 2.12% at 66,399.84 and South Korea's Kospi up 4.61% at 6,995.39 on a chip rally led by Samsung and SK Hynix, while Europe opened marginally lower and Brent crude rose 0.88% to $97.13 on Middle East tension.

What to watch

Nothing is scheduled today, because both the stock market and the bond market are closed. The week's main event is Friday's consumer price index, the standard measure of how fast prices are rising for households, and it lands with Brent crude near $97 and an energy squeeze already working its way into costs. Thursday brings the producer price index, which tracks what companies pay for goods rather than what you pay at the till, and it often gives an early hint of where the consumer number is heading.

Sources