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“Time is your friend; impulse is your enemy.” – John Bogle
June is coming in like a bull this morning as equity futures are all trading firmly in positive territory. Generally positive economic data out of Asia and Europe has been the catalyst, and investors will be looking for that trend to continue in the US with the Markit Manufacturing and ISM Manufacturing surveys of the US economy as well as Construction Spending at 10:00 and the Dallas Fed Manufacturing report at 10:30.
Read today’s Morning Lineup for a recap of all the major market news and events including a recap of some notable earnings reports, major economic data out of Asia and Europe, and the latest US and international COVID trends including our vaccination trackers, and much more.
The month of May closed out on a positive note for most sectors. Last week, eight of eleven sectors finished the week in positive territory. Leading the way higher, Consumer Discretionary, Communication Services, Real Estate, and Industrials all traded up over 2% while Utilities, Health Care, and Consumer Staples were the only three sectors to finish the week lower. With last week’s gains, the majority of sectors head into June at overbought levels, although Consumer Discretionary, which was the top-performing sector on the week, is one of just two sectors below its 50-DMA.