Dow and S&P 500 are set to add to their winning streak

The broadly positive sentiment from late last week is carrying over into the new week and the stock market is higher across the board. The Dow (INDU) is trading 0.1%, or 34 points, higher. The S&P 500 (SPX) and the Nasdaq Composite (COMP) both traded up 0.2%. Stocks finished higher last week, following the August jobs report that showed fewer jobs than expected were added to the US economy, while wage growth ticked up and the unemployment rate stayed stable. The ailing manufacturing sector added just 3,000 new positions last month. The US economy has been carried by consumers, but recent data shows that the trade war is beginning to weigh on people’s minds. Against this backdrop, investors will be paying close attention to the University of Michigan consumer sentiment survey for September on Friday at 10 am ET. The trade war also showed up in Chinese economic data. Beijing reported some worse-than-expected trade trade for August, showing its trade surplus dropping and exports to the United States lower. The biggest items on the economic calendar this week are happening on Thursday: A report on US consumer price inflation is due at 8:30 am ET and the European Central Bank’s policy update at 7:45 am ET. Market participants expect some form of stimulus or at least guidance on monetary policy direction after the central bank meeting. Oil prices climbed higher on Monday after Saudi Arabia replaced its energy minister with Crown Prince Mohammed bin Salman’s half brother. US oil prices are up 1.7% at $57.47 a barrel.

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