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“We can’t buy one minute of time with cash; if we could, rich people would live longer.” – O. Henry
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Despite a weak session in Europe to kick off the week, US equity futures are modestly higher this morning ahead of what will be a busy week for the markets with a ton of earnings reports and the Fed decision on Wednesday. The economic calendar is also busy and kicks off this morning with preliminary PMI data for the US Manufacturing and Services sectors. Tuesday we’ll get Richmond Fed, Case-Shiller housing updates, and Consumer Confidence, and then Wednesday’s expected rate hike will follow New Home Sales at 10 AM. The pace of data will only pick up in the second half of the week with jobless claims, GDP, Durable Goods, KC Fed, and Pending Home Sales, and then we’ll close out the week on Friday with Personal Income, Personal Spending, PCE, ECI and Michigan Confidence. So much for a slow Summer Friday!
This morning’s weakness in Europe has primarily been sparked by a weak batch of PMI data for the region where the Manufacturing sector slid further into contraction territory while the Services sector clings to growth.
You don’t have to look any further than the Dow’s 10-day winning streak to know that last week was a bit of a reversion to the mean trade for US stocks. At the sector level, the five best-performing sectors last week are also the five worst-performing sectors on a YTD basis. Meanwhile, the two worst-performing sectors – Communication Services and Consumer Discretionary – are two of the three best-performing sectors on a YTD basis. Technology, the best-performing sector YTD, managed to trade higher last week but just barely at 0.08%.
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