Equities finished the holiday week on a tear with the Nasdaq pacing the advance adding 0.90% while the S&P 500 gained 0.54% and the Dow 0.17%. There was a marked contrast between winners and losers in a lightly traded session. META paced advancers at the stock level up 5.87% with GOOG, TSLA and AAPL also up > 2% in a strong 2nd half start for the Mag7. Cyclical stocks (LUV -5.74%) and commodities related themes populated the decliners list.
The 10yr US Treasury Yield finished the week at 4.29%, back below its 200-day moving average. WTI crude settled at $83, stalling near the high end of its YTD trading range.
It’s a light earnings calendar again this week as the bulk of the season is behind us, however big banks (C, WFC, JPM) report before the bell on Friday.
Eco Data Releases | Monday July 8th, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 07/08/2024 11:00 | NY Fed 1-Yr Inflation Expectations | Jun | — | — | 3.17% | — |
| 07/08/2024 15:00 | Consumer Credit | May | $9.000b | — | $6.403b | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Monday July, 8th 2024
No S&P 500 constituents report today
Momentum Monday
META is out to new all-time highs and boasts a very constructive technical pattern. Momentum as measured by the 14-wk RSI made a new high which is historically coincides with strong 12-month forward returns.
- META 3yr weekly (200-day m.a.| RSI |Relative to S&P 500)
- Initial break-out above the 2021 price high measures to a price target near $700. Still a lot of upside on the chart!
Sources: Bloomberg
