Stocks stage a comeback, while two Club tech names report — and what's on tap for next week

All three major U.S. stock indices rebounded this past week following a lackluster August, delivering their best one-week performances since July. The S & P 500 advanced by 2.5%, the Dow Jones Industrial Average by 1% and the Nasdaq Composite by nearly 3%. The push higher was driven by a combination of largely positive earnings reports and macroeconomic data that broadly indicated the Federal Reserve is succeeding in its fight to cool inflation through higher interest rates. Here's a quick update on the past week: The August ADP employment report numbers came in lower than expected. The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) showed job openings edged down in July. The U.S. government on Wednesday revised lower its estimate for second-quarter economic growth , with gross domestic product advancing around 2.1% on an annual basis. July's personal spending and income report pointed to a slight rebound in the core PCE price index, the Fed's preferred metric for inflation. But the result was still in line with expectations. Nonfarm payrolls grew by a seasonally adjusted 187,000 in August, ahead of a Dow Jones estimate for a 170,000 increase, the U.S. Labor Department said Friday. However, the figures for June and July were both revised downwards, more than offsetting the August beat. And, at the same time, the unemployment rate moved up to 3.8% last month, the highest since February 2022. The ISM Manufacturing purchasing managers index (PMI) rounded out the week on Friday. Though the headline reading was slightly better than expected, the report showed U.S. manufacturing activity to still be firmly in contraction territory, a trend that's lasted for ten-consecutive months. Meanwhile, as second-quarter earnings season wrapped up, Club name Salesforce (CRM) again proved with its quarterly results that it's more than capable of balancing growth with profits . And newest Club name Broadcom (AVGO) delivered better-than-expected results , even as shares were weighed down by guidance failing to exceed Wall Street's expectations. The pullback provided us a chance to build up our position ahead of the close of the chipmaker's acquisition of cloud-computing firm VMware (VMW). Looking to next week, U.S. markets will be closed on Monday for Labor Day and the rest of the week should prove fairly light in terms of earnings and economic reports. Economic releases : The two main reports to follow are July factory orders on Tuesday and the July ISM Services PMI on Wednesday. Earnings : No Club companies report next week. Over 99% of S & P 500 companies have now reported earnings results for the second-quarter season, according to FactSet. Of those that have reported, 79% reported an upside earnings surprise, while 64% reported better-than-expected revenue results. Including estimates for the last stragglers left to report, companies in the S & P 500 are down 4.1% year-over-year, with the second quarter marking the third-straight quarter of earnings declines for the index. Here's the full rundown of key domestic earnings releases and data for the week ahead: Monday, Sept. 4 After the bell: Trip.com (TCOM) Tuesday, Sept. 5 10:00 a.m. ET: Factory orders After the bell: Zscaler (ZS), GitLab (GTLB), Asana (ASAN), AeroVironment (AVAV) Wednesday, Sept. 6 10:00 a.m. ET: ISM Services PMI Before the bell: Express (EXPR), Photonics (PLAB), Core & Main (CNM), Akoustis Tech (AKTS) After the bell: C3.ai (AI), UiPath (PATH), GameStop (GME), ChargePoint (CHPT), Dave & Buster's (PLAY), American Eagle Outfitters (AEO) Thursday, Sept. 7 8:30 a.m. ET: Initial jobless claims Before the bell: Science Applications (SAIC), Designer Brands (DBI), ABM Industries (ABM) After the bell: DocuSign (DOCU), RH (RH) Friday, Sept. 8 Before the bell: Kroger (KR), Rent the Runway (RENT) (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

On August 31, 2023, New York City, traders work on the floor at the New York Stock Exchange in the morning.

The three major U.S. indexes all rebounded last week after a disappointing August. They had their best performance in a single week since July. The

S&P 500

If you increase your advance by 2.5%.

Dow Jones Industrial Average

By 1% and the

Nasdaq Composite

By nearly 3%

The Federal Reserve's efforts to reduce inflation by increasing interest rates are being successful, according to macroeconomic data and a number of positive earnings reports.