- S&P 500 still trades below July 27 range high of 4,607.
- Arm files for largest IPO in years, valuation leaked at over $50 billion.
- US ISM Services PMI for August comes out Wednesday.
- Market closed for Labor Day on September 4.
- Zscaler, Docusign, Asana, C3.ai and UiPath all release quarterly earnings this week.
Standard & Poor’s 500 (S&P 500) futures have drifted 0.1% lower early Tuesday, while NASDAQ 100 futures are off by 0.3%. Dow futures have gained slightly. This is actually an improvement compared to earlier in the premarket following a string of poor reports from China, the UK and Germany. Each country’s Purchasing Managers Index (PMI) for the Services sector showed a slowing rate from July. Germany’s PMI for August dropped five points from July to 47.3. China’s Caixin Services PMI fell from 54.1 to 51.8. The UK’s Services PMI for August fell two points to 49.5.
The S&P 500 experienced its best performance last week since the second full week of June in percentage terms. The index of the 500 largest US public companies rose 2.5% last week, mostly owing…
