Equities ended June with a whimper as the Nasdaq Composite led shares lower off 0.71% while the S&P 500 game up 0.41% and the Dow was down 0.09% as June came to a close. Futures are climbing for Monday as of this writing with the Nasdaq leading (+0.36%) during the session. The US 10yr Yield finished the day higher at 4.39% while Crude and Commodities prices settled slightly lower.
The broad market S&P 500 finished the year’s first half up 14.48% though it ended on a slight sour note. Concerns over valuations and market breadth were blamed for the soft tape as investors are showing some fatigue from looking at the same cadre of stocks accruing the lion’s share of the gains. While we understand those feelings, the recent PCE report continued to show inflation sputtering. If that becomes more definitive, we can expect some of the lagging sectors to get bid.
We are now approaching the “summer doldrums” with earnings season ending, typically the Fed.’s Jackson Hole conference caps off the quiet period in August, which is also the weakest month for the domestic seasonal factor.
A few economic releases are on the calendar, with ISM manufacturing, new orders, employment and prices paid giving us a look at the industrials sector. It’s a light report today as we roll out our sector positioning for July. Please check out our monthly insights for the S&P 500 and the 11 GICS sectors as we will be posting them throughout the day on Monday as well as our Elev8 Sector Rotation Model Portfolio’s updated positioning!
Eco Data Releases | Monday July 1st, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 07/01/2024 09:45 | S&P Global US Manufacturing PMI | Jun F | 51.7 | — | 51.7 | — |
| 07/01/2024 10:00 | Construction Spending MoM | May | 0.20% | — | -0.10% | — |
| 07/01/2024 10:00 | ISM Manufacturing | Jun | 49.1 | — | 48.7 | — |
| 07/01/2024 10:00 | ISM Prices Paid | Jun | 55.8 | — | 57 | — |
| 07/01/2024 10:00 | ISM New Orders | Jun | 49 | — | 45.4 | — |
| 07/01/2024 10:00 | ISM Employment | Jun | 50 | — | 51.1 | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Monday July 1st, 2024
No S&P 500 Constituents Reporting Today
Sources: Bloomberg
