S&P 500 Consolidation Persists: 3 Big Market Calls By Marko Kolanovic

We want to begin this week’s research report with a quick look back at what some might argue was the most important economic data from last week, the Nonfarm Payroll report. The report showed the U.S. adding 164,000 jobs and unemployment falling to 3.9%; the first time the jobless rate has dropped below 4% since the end of 2000.

Average hourly wages rose just 0.1% and the yearly rate of pay increases was unchanged at 2.6 percent. With all eyes on the wage inflation component of the report that many blamed for the market correction, the data showed a lack of continued wage inflation.