Are Things Really This Good?
What’s in Today’s Report:
- Stocks Go Up Seemingly Every Day – Are Things Really This Good?
- Weekly Market Preview
- Weekly Economic Cheat Sheet: Is the Recovery Losing Strength? (Jobs Report & Global PMIs)
Futures are modestly higher following a generally quiet weekend on the economic and political fronts.
Economic data was mixed but generally “fine” as China’s manufacturing PMI slightly missed estimates (51 vs. (E) 51.2) while the service PMI beat (55.2 vs. (E) 54.2).
On stimulus, the Republicans have upped their offer to $1.3T, so the two sides are getting closer to the likely $1.5T compromise, but a deal is still not expected until mid to late September.
There are no notable economic reports today or impactful earnings, so the key event will be a speech by Fed Vice Chair Clarida (9:00 a.m. ET) to see if he echoes the dovish sentiment we got from Powell last week (and he should). If Clarida is dovish in tone that should help markets continue the rally as otherwise, it should be a quiet day.