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“I want to live my life, not record it.” – Jacqueline Kennedy Onassis
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
We hope you had a restful weekend, because the last four days of July and the first trading day of August are going to be jam-packed with earnings and economic data. Among the hundreds of companies reporting earnings this week, Meta (META) and Microsoft (MSFT) will report on Wednesday, followed by Amazon.com (AMZN) and Apple (AAPL) on Thursday. Regarding economic data, besides the Non-Farm Payrolls report on Friday, we’ll also receive the ISM Manufacturing report on the same day, along with the Michigan Sentiment. However, these reports will be followed by Consumer Confidence on Tuesday, ADP, GDP, and PCE on Wednesday, and jobless claims on Thursday. Don’t forget that there’s also an FOMC meeting this week that ends on Wednesday and the August 1st deadline for trade deals on Thursday. We already need a break just thinking about everything on the calendar!
This morning, equity futures are in a modestly positive position leading up to the onslaught of events and following a perfect week for the S&P 500 where it traded higher and at a record close every day last week. European stocks are also higher in the wake of the US–EU trade deal announced yesterday, and the STOXX 600 is up just over 0.5%. In Asia, it was more of a mixed session where Australia traded slightly higher, Japan was down over 1%, while China was fractionally higher.
Outside of equities, treasury yields are slightly higher, crude oil is up over 1%, while natural gas is down 1%. Gold, silver, and copper are basically unchanged to start off the week, but platinum and palladium are both up over 2%. In crypto, Bitcoin is trading just under $119K while the rally in Ethereum continues as it trades just below $3,900.
With all the talk about how market performance has been unbalanced between the mega-caps and everyone else, we wanted to look at performance within the S&P 500 on a YTD basis. At the sector level, most sectors (6) have outperformed the S&P 500 on YTD basis. Yes, Technology is one of the sectors that’s ahead of the S&P 500, but other non-tech sectors like Industrials, Utilities, Financials, and Materials have also outperformed on a YTD basis. On the other side of the performance spectrum, Health Care and Consumer Discretionary are the only two sectors in the red on a YTD basis.
