Was Last Week’s Rally Legitimate?
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What’s in Today’s Report:
- Was Last Week’s Rally Legitimate?
- Weekly Market Preview: Do Falling Treasury Yields Fuel More Upside in Stocks?
- Weekly Economic Cheat Sheet: Is the “Growth Scare” Starting to Appear?
Futures are modestly higher on momentum from last week’s big rally, following a mostly quiet weekend of news.
Economically, Euro Zone Composite PMI met expectations (46.5) while German Manufacturers’ Orders beat (0.2% vs. (E ) -1.1%) but there was a negative revision and overall, the data isn’t moving markets.
Geo-politically, Israeli forces are moving further into Gaza but so far risks of a broadening conflict remain relatively low.
Today there are no notable economic reports and just one Fed speaker, Cook (11:00 a.m. ET), so look for Treasury yields to continue to drive short term trading. If the 10-year yield continues to decline then the S&P 500 can extend last week’s rally.
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