MARKET RECAP

• SP500 +0.33%.
• Coming into the week, the SP500 is trading at 22.5x earnings over the next 12 months, way above the 16.8 average since 2000. The 10 companies in the index make up 39.5% of its market cap, which is the highest percentage on record. On an equal weight basis, the index trades at 1.76 times sales compared to the long-term average of 1.43.
• Only 22,000 new jobs in August, less than the forecast of 75.000. Manufacturing lost 12.000 jobs. June was revised to a loss of 13,000 jobs, the first loss since December of 2020. The unemployment rate increased to 4.3% from 4.2%.
• Trump continues to hammer away at the Fed, demanding the firing/resignation of Fed Governor Lisa Cook. The market has so far shrugged off the attack on Fed independence, but this is unprecedented, and at some point, the market might take a more serious notice.

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