Last Day of Q3 is Underway

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Our View

The market's focus today is the last trading day of Q3, the start of Q4 on Tuesday, and 11 Fed speakers this week. 

Fed Governor Michelle Bowman speaks at 8:55 a.m. and Federal Reserve Chair Powell speaks at 1:55 p.m. There are also 12 economic reports ranging from the PMI number to Friday's September jobs report, but that's not the only concern. 

I'm not sure why this isn't on more people's radar, but a port strike on the U.S. East Coast and Gulf of Mexico will go ahead starting on Tuesday, the International Longshoremen’s Association union said on Sunday, signaling action that could cause delays and snarl supply chains. This would be the first coast-wide ILA strike since 1977, affecting ports that handle about half the nation's ocean shipping. 

The first thing I can think of where shortages could start popping up is gas, and President Biden has already said he doesn't intend to intervene to prevent the walkout if a deal can't be struck by the deadline on Tuesday. Here is a link to the story from Reuters.