“Sometimes people let the same problem make them miserable for years when they could just say, So what.” – Andy Warhol
Paul Hickey appeared on CNBC’s Squawk on the Street yesterday to discuss markets and earnings season trends and prospects for the Consumer Discretionary sector. To view the segment, click on the image below.
Asian equities were mixed, with Japan falling 0.9% and South Korea dropping 4.6%, essentially erasing all of its recent gains. Hong Kong fell 1.5% while China bucked the trend and rallied 0.6%. In Europe, the tone is more positive. The STOXX 600 is rallying 0.4% while the UK is the only country benchmark down on the day as Spain and Italy gain 1%. Eurozone Retail Sales unexpectedly fell 0.3% versus forecasts of a gain of 0.1% while German Factory orders surged 3.1%.
In the US, it’s a busy day for economic data with Non-Farm Productivity, Unit Labor Costs, and Jobless Claims all at 8:30 Eastern, followed by Wholesale Inventories at 10 AM. In addition to the eco data, it’s a busy day for earnings after the close. Even though not a lot of ‘major’ companies will be reporting, there’s size in the number of reports.
By all accounts, the last five trading days have been a monster rally for US stocks. The snapshot from our Trend Analyzer below shows that every US equity index ETF in the group has rallied at least 2.5%, with most of them up over 5%.
Subscribe below to continue reading today’s Morning Market Note, which features snapshots of the stocks and sectors that have led and lagged as the broad market has bounced back sharply over the last week.
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