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Weekly jobless claims and global manufacturing data could help drive the low volume markets of late August Thursday.
Lacking any nasty surprises, the Fed’s dovish tone could help put stocks back on track to take another run at multi -year highs. The minutes from the Fed’s last meeting, released Wednesday, renewed expectations that the Fed is ready to take more easing steps, including another possible round of quantitative easing or asset purchases.
HSBC flash manufacturing PMI data from China overnight, PMI data from Europe in the morning, and Markit PMI data for the U.S. at 9 a.m. ET should provide an update on global manufacturing activity.
There is also the 8:30 a.m. release of U.S. jobless claims, expected at 365,000, nearly the same as last week and important in that it is the same week as will be used in the survey for the August employment report, released in early September.
That employment report is the last major piece of data the Fed will have before its Sept. 12 meeting, and some Fed watchers believe only surprisingly very strong data would sway the Fed from acting.
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