The major averages have had a rough start to September, with the S&P 500 and the Nasdaq Composite posting a second losing session Wednesday.
Stock futures were largely flat on Wednesday evening as Wall Street looks to regain momentum after a rocky start to September. Key labor market data is also on deck this week.All three averages are down for the week, with key employment reports looming. On Thursday morning, investors will get to sift through weekly jobless claims data, while the August nonfarm payrolls report is due out on Friday.
The market has appeared to be sensitive to potential growth scares in recent weeks, including Tuesday's sell-off on the heels of weak manufacturing data. That could put increased importance on the jobless claims data, BMO Wealth Management chief investment officer Yung-Yu Ma said on" "That's more of a forward-looking indicator. As long as those stay low — people have jobs, people remain confident in the ability to find jobs or comfortable in the jobs that they have — we think that they will continue to spend. So as long as those numbers stay low, if we get some blips in the overall monthly jobs report that shows weakness on the edges, we're not quite as concerned," Ma said.
"We believe in it, we just think it's going to be on pause for a few months because this high degree of uncertainty we have right now. There's just too much that needs to resolved over the coming months. … It's just very hard for the broadening-of-the-market theme to really gather momentum," Ma said.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly— Shares of the technology company dropped nearly 16% after subscription revenue came in below expectations for the fiscal first quarter. C3.ai reported $73.5 million in subscription revenue for the period, while Wall Street analysts were looking for $79.2 million, according to FactSet.
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