The market is on autopilot heading into Labor Day. 

With data releases light before the long weekend, don't expect the market rally to die on the vine just yet. But investors should remain aware that there are key risks in early September that could hit stocks. Valuations are lofty, for example. And geopolitical risk is on the rise just as companies are singing the praises of the economy. 

Stay vigilant. 

Campbell Soup's Saga

Storied soup-maker Campbell Soup (CPB - Get Report) released its long-awaited restructuring plan on Thursday. It will unlikely be enough to please activist investor Dan Loeb who has been agitating for a sale of the company. The company said it will seek to divest its struggling fresh food and international businesses to extract cost savings.

The Markets

Investors should keep a close eye on the ongoing weakness in European bank stocks. It's something that could be signaling problems for U.S. markets in September. 

Around TheStreet

TheStreet is on Amazon (AMZN - Get Report) $1 trillion market cap watch on Thursday. Meanwhile, the market may be wrong sending cloud king Salesforce (CRM - Get Report) lower in response to a strong second quarter. Salesforce is a holding in Jim Cramer's Action Alerts PLUS member club

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