Certified Investment Management Analyst and Asset Strategy’s Director of Research, Rosario “Sal” Salamone discusses S&P 500, Fed Chair, Employment report, Interest rates.

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The big data point last week was Friday’s jobs report and the 235,000 jobs added was well short of market expectations. Employment continues to be disappointing overall, and we’ll see if back to school changes that by allowing more people to enter the workforce. We’ll also see what effect the ending of the enhanced unemployment benefits may have as well. This jobs report most likely pushed the Fed’s taper into the fourth quarter, taking any announcement this month off the table. Wage growth was north of 4% year-over-year which could explain the move higher in interest rates following this disappointing report.