U.S. Inflation, Jobs and Earnings Set to Shape Wall Street Outlook

  • The Bureau of Economic Analysis will publish August PCE inflation data on Wednesday.
  • FactSet forecasts 82,500 September payroll gains and a 4.1% unemployment rate.
  • Micron reports fiscal fourth-quarter results Wednesday after the market closes.

Wall Street faces a consequential week of U.S. inflation and labor-market reports, with investors assessing whether the Federal Reserve's September quarter-point rate increase will be followed by further tightening. FactSet forecasts August headline PCE inflation at 3.8% annually and September nonfarm payroll growth of 82,500, with unemployment holding at 4.1%. Those estimates differ from earlier Reuters projections of 100,000 jobs and 4.2% unemployment. Micron's fiscal fourth-quarter results will offer a closely watched measure of demand and pricing for AI-related memory chips, while Eli Lilly is due to present obesity and diabetes trial updates, including data for retatrutide, eloraTZP, Foundayo and Mounjaro. Markets are also monitoring elevated Treasury yields, consumer demand and results from Carnival, CarMax, Accenture, Nike, McCormick and other companies.

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