World Markets Await Summit News

After today, SIA Wealth Morning Minutes will be on summer vacation for the next two weeks, returning Tuesday, September 2nd.

With a 2-point gain, the S&P 500 managed to eke out another all-time high yesterday, but investors have had difficulty keeping the party going overnight. US index futures are split between a 0.5% gain for Dow futures and a 0.1% loss for NASDAQ futures. Asia Pacific trading saw the Nikkei gain 1.7% but the Hang Seng lose 1.0%. In Europe today, the DAX is flat and the FTSE is down 0.1%. 

Today’s main event, the summit meeting between US President Trump and Russian President Putin on Ukraine, is scheduled to start at about 3:00 pm EDT. It may influence the last hour of trading today but the larger impact, if any, may not emerge until Monday. In addition to stocks, energy markets could potentially be active around summit news.

US retail sales grew 0.5% from a month ago, in line with expectations. The annual growth rate, however, slowed to 3.9% from 4.4% last month. Markets have been quiet on this news.

Next week the Fed is holding its annual Jackson Hole conference, a forum which US central bankers have used in the past to signal direction in monetary policy. With the street still debating over how many US rate cuts may be on the way this year and when, comments from Chair Powell, and some of the leading candidates to replace him when his term ends next year, could potentially impact trading in stocks, bonds, and currencies. 

Building on today’s retail sales reports, earnings numbers from US retailers roll out over the rest of the month. Investors may look to the numbers for signs of what impact tariffs may be having on consumer spending or inflation. Canadian banks also report results later this month.

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