What’s Making Stocks So Resilient?

What’s in Today’s Report:

• What’s Making Stocks So Resilient (And Is It A Bullish Signal?)
• Weekly Market Preview:  Will Powell be hawkish and will jobs data stay hot?
• Weekly Economic Cheat Sheet:  All about employment (JOLTS, ADP and Jobs Report on Friday).

Futures are little changed following a quiet weekend and as investors look ahead to an important week of catalysts (Powell speeches and employment reports).

China released updated growth expectations for 2023 of “around 5%” and that’s slightly under estimates and was a mild disappointment.

Economic data was solid overnight as Euro Zone Retail Sales (1.0% vs. (E) 0.3%) and UK Construction PMI (54.6 vs. (E) 49.1) both beat estimates.

Today expect digestion of last week’s rally as there are no material economic reports or Fed speak, as markets look ahead to Powell’s testimony tomorrow.