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Week 36: Jobs Rebound Keeps the Fed Live: Markets Tread Water

A sharp US-Iran re-escalation rattled Monday, mid-week dovish Fed signals lifted sentiment, then Friday's blowout jobs report reversed it all: leaving the S&P 500 essentially flat and the September FOMC wide open.

6 min read Market updates

Weekly Summary

Week 36 (31 August – 4 September) was a week of reversals. Three separate macro catalysts (a renewed US-Iran military exchange on Monday, a dovish signal from Fed Governor Waller on Thursday, and a strongly positive August payrolls report on Friday) each moved markets in a different direction, leaving the S&P 500 almost exactly where it started. The index gained just 0.09% on the week, closing Friday at 7,718.60. The Nasdaq added 0.4% and the Dow gave back 0.3%. Energy was by far the best-performing sector (+2.2%), while the week's dominant macro theme — the September rate decision — kept investors cautious across the rest of the market.

For the Rivativ model portfolios, the week produced a marginal combined loss of -$80.80 (-0.02%) against an SPX that gained just +0.09% — effectively a flat-for-flat result against a flat market. Three of four portfolios finished the week in positive territory; the Predictive Gamma Strategy had a difficult week that erased its contribution. September month-to-date: combined +0.25% versus SPX +0.42%.

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