U.S. jobs data, Broadcom earnings and China PMI test stocks near record highs

  • U.S. investors will assess jobs data, Broadcom earnings and China manufacturing indicators.
  • 45,000 payroll gains and 4.2% unemployment are expected for August.
  • China's July manufacturing PMI was 49.2, below the 50 expansion threshold.

U.S. employment data due Sept. 4, Broadcom's quarterly results and China's August manufacturing PMI will shape investor sentiment as stocks remain near record highs. The S&P 500 was slightly more than 1% below its Aug. 13 record and up more than 12% for the year as of Aug. 28, supported by corporate earnings and artificial-intelligence infrastructure spending. The latest outlook calls for August unemployment to rise to 4.2% and nonfarm payrolls to increase by 45,000, after employment fell by 23,000 in July. Earlier expectations cited 58,000 jobs and a 4.1% unemployment rate. The Sept. 1 JOLTS report is expected to show 7.39 million job openings. Strong labor data could bolster expectations for a September Federal Reserve rate increase after Fed Chair Kevin Warsh emphasized price stability in a Jackson Hole speech. Broadcom's results will offer another test of demand for AI-related investment, while China's Aug. 31 PMI will be watched after July's reading was 49.2 and recent industrial and retail data missed forecasts.

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