U.S. equities dropped as trade fears are revamped from Trump’s threats to tack on more tariffs to Chinese imports.  Interest rates jumped amid a better than expected jobs report, with the 10-year treasury yield rising 9 basis points to 2.94%.  The spread between the 10-year treasury yield and 2-year treasury yield also rose, widening by 2 basis points to 0.22%.  The price of gold was little changed, dropping only 0.38% to $1,201.70 an ounce.  The price of crude oil dropped 2.88% to $67.89 a barrel as it was pulled down by a stronger U.S. dollar.  That said, the U.S. dollar index rose from 95.08 to 95.38.


Index Started Week Ended Week Change Change % YTD %
DJIA 25,964.82 25,916.54 -48.28 -0.19% 4.84%
Nasdaq 8,109.54 7,902.54 -207.00 -2.55% 14.47%
S&P 500 2,901.52 2,871.68 -29.84 -1.03% 7.41%
Russell 2000 1,740.75 1,713.18 -27.57 -1.58% 11.57%




  • The ISM manufacturing index, rose over 3 points in August to 61.3. Most of the rise came from an unexpected surge in new orders, but was also supported by a very strong rise in production.  16 of the 18 industries tracked in the ISM manufacturing index posted monthly expansions.


  • The U.S. trade deficit in goods and services grew $3.8 billion larger in July to a five-month high of $50.1 billion. Exports of goods and services fell by 1.0% to $211.1 billion. Additionally, imports increased by 0.9% to a record $261.2 billion.  More specifically, the U.S. trade deficit with China surged 10% to a record $36.8 billion.


  • Initial unemployment claims dropped by a significant 10,000 to 203,000 for the week ending September 1st.  However, the less volatile 4-week moving average of initial unemployment claims only dropped by 2,750 to 209,500.  Both the actual and 4-week average are the lowest seen since December of 1969.  Continuing unemployment claims also moved lower, dropping 3,000 to 1.71 million.


  • The U.S. added 201,000 jobs in August, beating expectations of 195,000. Despite an increase in jobs, the unemployment rate was held at 3.9% as the labor participation rate dropped.  The average hourly earnings rose 0.4% in August for a year-over-year change of 2.9%, the highest growth rate since 2009.



“A good financial plan is a road map that shows us exactly how the choices we make today will affect our future.”

– Alexa Von Tobel



Important Disclosures:  Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly from The Market Commentator℠, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio.  Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in The Market Commentator℠ serves as the receipt of, or as a substitute for, personalized investment advice from The Milwaukee Company™.


The Market Commentator℠ may also contain links to articles or other information that are contained on a third party website.  The Milwaukee Company does not endorse or accept responsibility for the content, or the use, of the website.  The Milwaukee Company assumes no liability for any inaccuracies, errors, or omissions in or from any data or other information provided on the pages.  Thank you.