Good Morning Traders!
Today’s economic calendar continues the first week of September and the final month of Q3 with a decent slate of economic releases. The morning started with August ADP Non-Farm Employment Change, providing an early look at private sector hiring and labor market conditions. The Bank of Canada announces its interest rate decision at 9:45AM ET, followed by its press conference at 10:30AM ET. While primarily a Canadian catalyst, a meaningful policy surprise or shift in tone could still influence North American rates and currency markets.
At 10:00AM ET, attention shifts back to the U.S. with Factory Orders, Final Durable Goods Orders, and several underlying capital goods measures. These reports provide insight into manufacturing demand and business investment, with nondefense capital goods orders and shipments offering a cleaner look at underlying corporate spending trends. Crude Oil, Gasoline, and Distillate Inventories follow at 10:30AM ET.
The final major event arrives at 2:00PM ET with the Federal Reserve Beige Book. The report provides anecdotal information from the Fed’s regional districts on employment, consumer activity, wages, prices, manufacturing, and broader economic conditions. With markets increasingly focused on the balance between labor market strength, economic growth, and inflation, traders will be looking for evidence of whether activity is holding up or beginning to soften more meaningfully.
Today’s session therefore has several separate potential volatility windows rather than one dominant catalyst. ADP controls the early morning, manufacturing and capital goods data take over at 10:00AM ET, and the Beige Book creates another opportunity for movement in the afternoon. Watch Treasury yields and technology breadth for confirmation as markets continue positioning through the first week of September.
Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
SPDR S&P 500 ETF Trust (SPY)
SPY is currently trading around 759.75 as markets continue through the first week of September with several meaningful economic releases spread across the session. ADP Employment at 8:15AM ET provides the first major labor market read of the morning, followed by manufacturing and business investment data at 10:00AM ET. If buyers defend 759.75, a move toward 765.75 may develop, followed by 771.75 if momentum builds. Sustained strength above 777.75 would improve the short term structure and put buyers back in control.
If SPY loses 759.75 with conviction, sellers may press into 753.75. A breakdown there could expose 747.75, while continued weakness may bring the 741.75 region into focus. With the Beige Book arriving at 2:00PM ET, traders should remain prepared for another potential volatility window after the morning data has been fully digested.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is currently trading around 704.00 and remains under pressure as technology continues working through its recent consolidation. Today’s ADP report and manufacturing data could influence Treasury yields and expectations for monetary policy, making the broader rates reaction particularly important for growth stocks. If buyers defend 704.00, price may advance toward 711.00, followed by 718.00 if momentum strengthens. Sustained strength above 725.00 would begin repairing the recent short term weakness.
If 704.00 fails to hold, sellers may drive price toward 697.50. A deeper breakdown could expose 691.00, while continued weakness may bring the 684.50 region into play. Watch whether NVDA and the other mega cap technology components confirm any recovery attempt before assuming buyers have regained control.
Apple Inc. (AAPL)
AAPL is currently trading around 325.00 and continues to demonstrate notable relative strength despite broader weakness across technology. If buyers defend this pivot, price may rotate toward 330.25, followed by 335.50 if momentum builds. Sustained strength above 340.75 would reinforce the bullish short term structure and continued institutional demand.
If 325.00 breaks lower, sellers may test 320.00 quickly. Continued downside pressure could extend into 315.00, while deeper weakness may bring the 310.00 region into focus. Continued outperformance against QQQ remains one of the more constructive features of AAPL’s current structure.
Microsoft Corp. (MSFT)
MSFT is currently trading around 496.75 and sitting directly beneath the psychologically important 500 level. If buyers reclaim and establish acceptance above that area, price may advance toward 504.00, followed by 511.25 if momentum builds. Sustained strength above 518.50 would materially improve the short term structure.
If 496.75 fails to hold, sellers may press into 489.75. A deeper pullback could test 482.75, while continued weakness may bring the 475.75 region into play. The battle around 500 should remain one of the clearest short term gauges of institutional sentiment toward MSFT.
NVIDIA Corporation (NVDA)
NVDA is currently trading around 216.50 and remains an important leadership gauge for semiconductors and the broader technology complex. If buyers defend this pivot, a move toward 223.75 may develop, followed by 231.00 if momentum strengthens. Sustained trade above 238.25 would indicate renewed upside expansion and improve semiconductor leadership.
If 216.50 fails to hold, sellers may test 210.50 quickly. Continued downside could extend into 204.50, while deeper weakness may bring the psychological 200 area into focus. With QQQ trading near important support areas, NVDA’s ability to attract buyers could provide an important indication of whether technology is beginning to stabilize.
Alphabet Inc Class A (GOOGL)
GOOGL is currently trading around 334.75 and remains one of the weaker mega cap names following its extended pullback. If buyers defend this level, price may rotate toward 341.25, followed by 347.75 if momentum improves. Sustained strength above 354.25 would indicate a more meaningful recovery attempt.
If 334.75 fails to hold, sellers may guide price toward 328.75. A breakdown there could expose 322.75, while continued weakness may bring the 316.75 region into play. Relative performance remains particularly important given GOOGL’s continued underperformance against QQQ.
Meta Platforms Inc (META)
META is currently trading around 574.50 and continues attempting to rebuild its short term structure after the recent pullback. If buyers defend this pivot, a push toward 582.00 may develop, followed by 589.50 if momentum builds. Sustained strength above 597.00 would put the psychological 600 area back within reach and materially improve the recovery.
If 574.50 breaks lower, sellers may guide price toward 567.50. A deeper pullback could test 560.50, while continued weakness may bring the 553.50 region into focus. Buyers still need to reclaim 600 before the larger recovery becomes considerably more convincing.
Tesla Inc. (TSLA)
TSLA is currently trading around 355.25 and continues to consolidate after its recent recovery. If buyers defend this pivot, a move toward 363.75 may develop, followed by 372.25 if momentum continues. Sustained strength above 380.75 would reinforce the improving short term structure and indicate stronger speculative participation.
If 355.25 fails to hold, sellers may test 347.25 quickly. Continued downside pressure could extend into 339.25, while deeper weakness may bring the 331.25 region into play. TSLA’s relative performance remains worth monitoring as broader technology continues working through recent weakness.
Final Word: Good luck and trade safely!
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
