If you took last week off for the July 4th holiday, you missed a good one for stocks. Stick around as we get you caught up, next!
After a brief 4-day sell-off in mid-June that saw the S&P 500 fall over 2%, the benchmark index has responded with 9 up days out of the last 10, with the last 7 featuring all-time high record closes. During this span, you could say that the economic data has been goldilocks – not too hot nor too cold.
This has resulted in inflation expectations and interest rates falling from their recent highs and less pressure on the Federal Reserve to move up their timeline on tapering and interest rate hikes.
For the week ahead, let’s keep an eye on that 10-year treasury yield. As of this morning, it sits at 1.425%. This is well off the highs of 1.75% hit in late March. This has been an incredible drop especially considering all the tailwinds we currently have with regards to economic growth. So, lets see how interest rates react this week, specifically if the 10-year drops below 1.4%. And if it does, how do stocks react?
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