FTDS - The Stock Market Is Acting A Little Tired
2024-07-02 01:00:00 ET
Summary
- I was not happy to see so much selling into strength last Friday, the last day of the quarter – following what should have been encouraging inflation news.
- Both bonds and stocks sold off, and we ended up having a flat (slightly down) week, off four points in the S&P 500, even after registering fresh intra-day highs in the morning before losing all the gains.
- As I write, the first round of the French parliamentary election is ongoing, but it appears that in Sunday’s first round, the right-wing National Rally is in the lead with about one-third of the votes.
I was not happy to see so much selling into strength last Friday, the last day of the quarter – following what should have been encouraging inflation news. One could say that the inflation news was even better than expected. May core PCE inflation came in at 2.6% (over 12 months)....
The Stock Market Is Acting A Little Tired