Is Q2 Sector Performance Warning About Growth?
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What’s in Today’s Report:
- Is the Second Quarter Market Performance Warning About Economic Growth?
- Trading Color – NVDA Declines Mask Broad Market Gains to Start the Week
- Chart – Equal Weigh S&P 500 Unchanged From Early March
Futures are modestly higher this morning as mega-cap tech recovers some of yesterday’s losses in the pre-market with NVDA up over 3% amid an otherwise quiet night of news.
There were no notable economic reports or market moving catalysts overnight.
Today, investor focus will be on a combination of economic data, Fed speak, and a key Treasury auction
Economically, we will get Case-Shiller Home Price Index (E: 7.0%), the FHFA House Price Index (E: 6.7%), and Consumer Confidence (E: 100.0) releases this morning and there are two Fed speakers: Bowman (7:00 a.m. & 2:15 p.m. ET), Cook (12:00 p.m. ET).
In the afternoon, traders will await the results of a 2-Yr Treasury Note auction at 1:00 p.m. ET. Strong demand (lower yields) will reaffirm the dovish shift in Fed policy expectations this month while weak demand (rising yields) could rekindle higher-for-longer policy rate worries and spark risk-off money flows.
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