The turn of the calendar has begun with more of the same: US dollar strength and weakness in equities/commodities. The bad news is that the seasonals for September continue to point lower for stocks.
Ultimately though, we'll go where the economic data takes us. The new US month kicks off with weekly jobless claims data and Q2 productivity at the bottom of the hour. Claims are forecast at 248K.
The global PMIs continue at 9:30 am ET with the Canadian reading from S&P Global and the final US reading 15 minutes later.
The highlight of the day comes at 10 am ET with the US ISM August manufacturing PMI and construction spending report for July. The PMI is forecast to dip to 52.0 from 52.8 but the regional numbers have been volatile so a big miss is possible.
On the Fed calendar, Bostic speaks to a class at Georgia Tech at 3:30 pm ET.
