The major averages are rebounding following a sharp sell off to end last week following disappointing employment data. The Dow Jones Industrial Average is rebounding over 500 points to day or 1.3%. The S&P 500 is up 85 points or 1.38% while the Nasdaq is up 380 points or 1.8%.

Stocks sold off on Friday after a weaker-than-expected jobs report that featured heavy revisions to May and June employment figures. President Donald Trump fired the head of the Bureau of Labor Statistics following the report. Interest rates are quiet after getting hit on Friday. The 10-year note yield fell 2 basis points to 4.20%, while the 30-year bond declined 2 basis points to 4.79%. The 2-year Treasury note is down a basis point to 3.69%.

Earnings keep rolling in. Tyson Foods is a diamond today up 4% on better than expected earnings and guidance thanks to strong chicken demand. Berkshire Hathaway is a dog, down 2% on lackluster earnings and growing concerns of tariff issues that will hurt profits going forward.  

In the commodity space, oil is lower by a percent as OPEC looks to increase production in September. Gold is up a percent on hopes of a rate cut in the coming months. Bitcoin is up a half a percent after taking a 2.5% hit last week.

The markets are heading into the toughest two months of the year. Going back to 1957, the S&P 500 in September has been down on average -0.74% and has shown positive performance only 43% of the time. August is now much better with a negative return of 0.20%.

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