Hey folks, I hope you are all enjoying the weekend. We’ve seen market price action continue to make new all time highs in both the S&P and NASDAQ. Is the top in or can be expect more upside? Get me take below in this week’ round up.
WEEKLY SOUND BITES
- Indexes ended lower, but the S&P and Nasdaq reached new intraday highs at midweek before falling back…The small cap Russell underperformed for the third consecutive week, further surrendering its leadership over the large-cap S&P for the year…
- Growth and inflation data appeared to remain in the spotlight during the week. Stocks fell back on Tuesday, following the release of data showing that headline and core (excluding food and energy) consumer prices had jumped 0.9% in June, roughly twice consensus estimates. It was the fastest 12-month increase in the core rate (4.5%) since 1991… On Monday, the New York Federal Reserve reported that year-ahead inflation expectations had reached 4.8%, the highest on record in data going back to 2013… Retail sales rose 0.6% in June, well above consensus expectations for a 0.4% decline…Stocks fell back later Friday morning, however, after the University of Michigan’s preliminary gauge of consumer sentiment fell back to its lowest level since February, driven largely by inflation worries.
- The yield on the benchmark 10-year U.S. Treasury note jumped briefly following the release of the retail sales data but ended lower for the week as a whole…
- The UK remains on course to lift its remaining COVID-19 lockdown controls on Monday, even as the number of coronavirus infections surges… ECB President Christine “Queen Bee” Lagarde said in an interview with the Financial Times newspaper that next week’s Governing Council meeting would focus on changing guidance on interest rates after the adoption of a new inflation target last week.
- Markets showed relief after China’s second-quarter gross domestic product (GDP) report on Thursday was in line with expectations…their GDP rose 7.9% in Q2, down from 18.3% in the previous quarter…in addition, June economic data were also upbeat.
Enjoy this week’s update;
Don’t Be A Rat Brain Trader – Be the Red Stripe Zebra !!
Trade Smart !
hpb
