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“A well adjusted person is one who makes the same mistake twice without getting nervous.” – Alexander Hamilton

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

With the July 4th weekend behind us, summer is in full-swing, and the season of slow summer Fridays is upon us. Futures on the S&P 500 are down less than 0.1% while Nasdaq futures point to a decline of less than 0.4%.  The 10-year yield is unchanged at 4.54%, crude oil is up less than 1%, and gold is down less than 1%. The only thing really moving this morning is Bitcoin, which is up 2% to $64,400.

Asian markets were mostly positive overnight with Japan rallying 1.2% and South Korea rising 2.5%, but the gains were not enough to bring either index into the black for the week. Chinese stocks bucked the positive overnight trend, falling 1%, but that only took the weekly decline to 1.2%.

In Europe, stocks are modestly higher across the board, putting a dent into the weekly losses. Outside of Italy, which is on pace for a decline of less than 0.5%, other major benchmarks in the region are down at least 1.5% for the week.

Earnings season kicks off in earnest next week as 31 companies in the S&P 500 will report earnings. Of those, 18 are from the Financials sector, and based solely on the sector’s performance to start the quarter, expectations are relatively high.  With a gain of 3.49% QTD through yesterday’s close, Financials are the top performing sector this quarter, edging out Communication Services and Energy. Along with those two sectors, four other sectors have managed gains, indicating that breadth has been decent. To the downside, Industrials have been a weak spot, falling 2.28%, while Materials, Technology, and Utilities all have losses of between 0.5% and 1.0%.

Of the Financials reporting next week, all six of the major banks and brokers will report Tuesday and Wednesday. Except for Wells Fargo (WFC), all of these stocks are up YTD with Citi (C), Goldman Sachs (GS), and Morgan Stanley (MS) all rallying roughly 20% or more.

Looking at each stocks performance over the last year shows a similar pattern where most of them have been in steady uptrends with all of them just marginally below 52-week highs. Again, the one exception is WFC which always seems to be bringing up the rear when it comes to the banks stocks.

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