Yahoo! Finance
This week's economic data could be 'hugely bullish' for stocks

Josh Schafer
Mon, September 30, 2024 at 3:03 PM EDT
3 min read

Friday's monthly jobs report, along with a slew of other economic data slated for release this week, is likely to drive the stock market even higher if it surprises to the upside.

That's because any evidence that the Federal Reserve is cutting interest rates amid an ideal backdrop of continuous economic growth, a solid labor market, and easing inflation would be a "hugely bullish" outcome for equities, Citi head of US equity trading strategy Stuart Kaiser said.

"Everything is about the growth side of the economy, and everything is about the consumer," Kaiser told Yahoo Finance. "Any data that suggests consumer spending is holding in and you're not seeing the weakness that people are worried that the Fed is worried about, I think that's all going to be positive for equity markets."

Along with labor market updates that include ADP's payroll data and the monthly job openings and labor turnover survey, new releases on Tuesday and Thursday from the Institute of Supply Chain Management on activity in the manufacturing and services sectors are also expected to catch investor attention. Economists predict that activity in the manufacturing sector in September remained in contraction while services activity was relatively flat from the month prior.

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