The S&P 500 index edged up 0.1% last week as gainers led by the energy sector barely outweighed decliners guided by consumer discretionary stocks.
On Monday of last week, the benchmark index concluded August with a 2.6% monthly gain. It’s up nearly 13% for the year.
August jobs data showed the economy added almost triple the positions expected last month. Nonfarm payrolls rose by 162,000, the Bureau of Labor Statistics said Friday, compared with a 55,000 increase projected in a Bloomberg-compiled survey.
Bets rose for a September rate increase following the jobs report. As of Friday, markets were pricing in a 58% probability that the FOMC will raise its benchmark lending rate on Sept. 16, up from 49% on Thursday, according to the CME FedWatch tool.
The energy sector had the largest percentage gain of the week, up 2.3%, followed by a 1.1% rise in technology and a 0.7% increase in utilities. Health care also edged higher.
The climb in the energy sector came as crude oil futures also rose on the week. Gainers in the sector included Marathon Petroleum (MPC), up 5.4% on the week, and Valero Energy (VLO), up 5.2%.
On the downside, consumer discretionary fell 2.1%, followed by a 1.6% drop in materials, a 1.3% loss in real estate and a 1.1% decline in industrials. Consumer staples, communication services and financials also moved lower.
The consumer discretionary sector’s decliners were led by Lululemon Athletica (LULU), whose shares shed 17%. The athletic apparel retailer reported weaker-than-expected fiscal Q2 revenue and cut its full-year outlook.
This week, Oracle (ORCL), Adobe (ADBE), Kroger (KR) and Macy’s (M) are among the companies expected to release quarterly results. Economic data will include the August consumer price index and producer price index.
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