Why Economic Data Will Decide if the Rally Continues in 2H ’23
What’s in Today’s Report:
- Why Economic Data Will Decide if the Rally Continues in 2H ‘23
- Weekly Market Preview: Does Economic Data This Week Reinforce “No Landing” Expectations?
- Weekly Economic Cheat Sheet: Jobs Report Friday, ISM PMIs Monday and Thursday.
Futures are flat to start the second half of 2023 following a quiet weekend of news.
Economic data was mixed overnight as the EU Manufacturing PMI slightly missed estimates (43.4 vs. (E) 43.6) while the UK reading slightly beat expectations (46.5 vs. (E) 46.2), but neither number is moving markets.
Saudi Arabia and Russia made separate announcements about further reducing oil supply in the coming months, although they aren’t causing a material rally.
Today focus will be on the ISM Manufacturing PMI (E: 47.2) and at this point, and with yields this high, markets need to see solid data and that means the ISM Manufacturing PMI moving closer towards 50 and beating expectations.
As a reminder, the stock market will close at 1:00 p.m. today ahead of the July 4th holiday.
Sevens Report Quarterly Letter Delivered Today
Our Q2 ’23 Quarterly Letter will be released today.
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