Why Did Stocks Drop Last Week?
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What’s in Today’s Report:
- Why Did Stocks Drop Last Week?
- Weekly Market Preview: Focus on Treasury Secretary, NVDA earnings and economic growth (Thursday/Friday).
- Weekly Economic Cheat Sheet: Important Growth Data Late This Week
Futures are little changed following a quiet weekend of news as markets continue to digest last week’s rise in Treasury yields, and the return of political surprises (via Trump’s cabinet announcements).
There were no notable economic reports overnight.
Politically, the major remaining cabinet pick from Trump is Treasury Secretary and it should come early this week (and another unorthodox choice would further roil markets).
Today the calendar is quiet as there is just one economic report, Housing Market Index (E: 43), and one Fed speaker, Goolsbee (10:00 a.m. ET). So, focus will be on Trump’s cabinet (again, the more traditional choice for Treasury, the better for markets) and on the 10-year yield. If it keeps rising, that will be a continued headwind on stocks.
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