Equities kept the rally going again on Wednesday with the Nasdaq again leading up 0.84% the SP500 adding 0.62% and the Dow up 0.41%. JOLTS data came in above survey with 8.14M jobs added vs. an expected print of 7.946M. Wednesday presents a busy economic calendar on get-away day ahead of the July 4th holiday, highlighted by FOMC Meeting Minutes from June 12, Durable Goods Orders, MBA Mortgage Applications and Initial Jobless Claims.
The Consumer Discretionary led its peers, with the XLY appreciating 1.95%. The XLF also continued to show signs of life in a bullish twist to leadership that has spent so much time with Technology and Mega-Cap. Growth shares. Healthcare, Energy and Materials were laggard sectors on the day. Large Caps continue to be favored over Small and Mid.
The Yield on the 10yr Treasury retreated slightly, finishing at 4.42% while Commodities and Crude prices were little changed with the former down slightly (BCOM -0.09%) and the latter up 0.23% on the day.
Take a look at our ETFsector.com Research page where we’ve posted our latest Sector Trend Studies on sector performance during uptrends and downtrends in the DXY Index. Some myth-busters in the data for those interested.
Eco Data Releases | Wednesday July 3rd, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 07/03/2024 07:00 | MBA Mortgage Applications | 28-Jun | — | — | 0.80% | — |
| 07/03/2024 07:30 | Challenger Job Cuts YoY | Jun | — | — | -20.30% | — |
| 07/03/2024 08:15 | ADP Employment Change | Jun | 165k | — | 152k | — |
| 07/03/2024 08:30 | Trade Balance | May | -$76.5b | — | -$74.6b | — |
| 07/03/2024 08:30 | Initial Jobless Claims | 29-Jun | 235k | — | 233k | — |
| 07/03/2024 08:30 | Continuing Claims | 22-Jun | 1840k | — | 1839k | — |
| 07/03/2024 09:45 | S&P Global US Services PMI | Jun F | 55.1 | — | 55.1 | — |
| 07/03/2024 09:45 | S&P Global US Composite PMI | Jun F | — | — | 54.6 | — |
| 07/03/2024 10:00 | Factory Orders | May | 0.20% | — | 0.70% | — |
| 07/03/2024 10:00 | Factory Orders Ex Trans | May | — | — | 0.70% | — |
| 07/03/2024 10:00 | Durable Goods Orders | May F | 0.10% | — | 0.10% | — |
| 07/03/2024 10:00 | Durables Ex Transportation | May F | -0.10% | — | -0.10% | — |
| 07/03/2024 10:00 | Cap Goods Orders Nondef Ex Air | May F | -0.60% | — | -0.60% | — |
| 07/03/2024 10:00 | Cap Goods Ship Nondef Ex Air | May F | — | — | -0.50% | — |
| 07/03/2024 10:00 | ISM Services Index | Jun | 52.6 | — | 53.8 | — |
| 07/03/2024 10:00 | ISM Services Prices Paid | Jun | 56.7 | — | 58.1 | — |
| 07/03/2024 10:00 | ISM Services Employment | Jun | 49 | — | 47.1 | — |
| 07/03/2024 10:00 | ISM Services New Orders | Jun | 53.6 | — | 54.1 | — |
| 07/03/2024 14:00 | FOMC Meeting Minutes | 12-Jun | — | — | — | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Wednesday July 3rd, 2024
STZ reports earnings before the market tomorrow. Not being a Semiconductor stock or a member of the Mag7, it has a bunch of company in the laggard basket of stocks.
- STZ 1yr, daily (200-day m.a.| RSI | Relative to S&P 500)
- A move above resistance at $272 would be a significant upside break-out and a buy signal for the stock, but the relative downtrend signals the odds are against that happening
Sources: Bloomberg
