Trump Strikes Larak Island: Prepare For Monday's Open!
In a Nutshell
US military strikes on Iran's Larak Island trigger Iranian retaliation threats and threaten oil prices amid already rising inflation. Markets face a week packed with critical economic data—Chicago PMI, ISM manufacturing, JOLTS, ADP employment, and Friday's jobs report—while Fed concerns about inflation loom. NIO, Dell, Broadcom, and Lululemon report earnings, with futures opening soon and live trading planned Monday.
These notes were generated by AI and may contain inaccuracies.
US forces have begun conducting strikes on Larak Island in Iran, marking the first US military strike against Iran in weeks. The speaker is broadcasting from Italy at 11:10 p.m. Sunday, August 30th (2:11 p.m. in Arizona), noting that futures markets open in less than 3 hours at 5:00 p.m. Pacific Standard Time. Iran has announced through the IRGC that the US strike on Larak Island will be met with a response, stating that the aggressor will be punished.
On Friday, the Nasdaq market ended up selling off into the close, gapping down 0.65%. Overall markets remain incredibly bullish and elevated with strong support around 700. The speaker notes that if markets gap down overnight, this development explains the movement.
The speaker expresses surprise at the timing, noting they thought progress was being made regarding oil reserves. Reference is made to a Venezuela deal facilitated by Trump involving one of the biggest oil deals worked out with Venezuela. The rising rate of inflation is largely contributed by rising oil prices, and this attack against Iran is not helpful if there is no solution to the current problem of rising oil prices.
Key events to monitor include:
- August Chicago PMI data report on Monday
- ISM manufacturing PMI and prices data on Tuesday
- JOLTS (job openings) on Tuesday
- August ADP non-farm employment data on Wednesday
- August ISM non-manufacturing PMI on Thursday
- July job report on Friday
All eyes this week are on the labor market.
Companies reporting earnings this week include:
- NIO reporting before markets open on Tuesday
- Dell reporting earnings after markets close on Tuesday
- Broadcom reporting (timing not specified)
- Lululemon reporting after the bell (timing not specified)
The speaker invites viewers to comment with any additional stocks reporting earnings that should be covered.
The most recent Jackson Hole meeting featured Kevin Warsh, head of the Federal Reserve, who made it clear that the Fed is working against the 2% inflation target due to the rising rate of inflation and needs to get it under control. The concern about raising interest rates is beginning to loom, though the speaker notes this is not foolish for the market.
The speaker plans to go live on Monday for a live trading session, with the second link in the description providing access. A promotion is currently running for those waiting for a sale to join. Viewers are encouraged to comment with questions and to subscribe.
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