September's market got off to a strong start but drifted lower heading into the long holiday weekend. The bearish catalyst was a red-hot jobs report that some investors took as a signal that the Federal Reserve may raise interest rates at its September meeting.
The pullback also fits the calendar—September is historically one of the weakest months for stocks. The next catalyst comes next week, when the latest inflation data will show whether the case for a rate hike is building.
