Hi all,
On Friday the PCE price index data which is the Feds favored indicator for inflation. Data came in pretty much in line with expectations however consumer spending was up slightly. The initial reaction was positive but as the day went on, yields on treasuries headed higher, and the market sold off. Investors may have been disappointed that inflation did not come in lower.
CME Fed watch tool says the odds are still sitting at around 58% for a rate cut in September. Currently, there is 75% odds we see a rate cut by November.
Next week will be a very truncated trading week with a shortened day on Wednesday, and Thursday holidays, and Friday will be light with many traders and investors taking time off and making it an extra-long weekend.
The AI tech stocks continue to support the market as we finished the first half of 2024 up 14.5 % on the SPY. If you take out those stocks, the index would actually be down 2% - just an interesting observation and shows that it is important to be invested in the hot sectors.
Recap Video
Sectors in Play Last Week
Key Levels for this Week
What to Watch for this Week
Earnings this week
Positions and Trades Last Week
Tracking for Potential Trades
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