LPL Research in the news. LPL Financial Senior Market Strategist Ryan Detrick was on Bloomberg Radio recently to discuss current market action. (Ryan’s part starts at the 22:00 mark). Additionally, Ryan was quoted on Fox Business. We apologize that the links to these interviews were not included in the July 2 Keeping You Up to Date announcement.
U.S. stocks add to last week’s strong gains. Stocks are picking up where they left off after last week’s 4% rally, as the S&P 500 Index opened sharply higher this morning. US stocks are taking cues from China, where bullish comments from the state-owned media sparked a 5.7% spike in the Shanghai Composite and fueled gains around the world. European stocks are up even more than their American counterparts in midday trading in London.
June jobs report. The US Bureau of Labor Statistics June nonfarm payrolls report revealed the US economy added 4.8 million jobs, ahead of Bloomberg consensus forecasts of 3.2 million, while May’s total was revised up to 2.7 million. Despite the headline beat, permanent job losses continue to tick higher, suggesting the labor market still has room for improvement. We take a closer look at the June jobs report in today’s LPL Research blog.
High-frequency data leveling off. Plateaus in restaurant dining and electricity consumption (daily data), and in jobless claims and same-store sales (weekly), point to a slowing recovery, although mobility and confidence data have continued their steady climb over the past week.
Week ahead. This week’s economic calendar will include auto sales, the non-manufacturing Purchasing Managers’ Index (PMI), job openings and labor turnover, consumer credit, jobless claims, and wholesale inflation.
COVID-19 news. Data on new cases over the holiday weekend may be distorted due to the holiday, although Florida and Texas reported a record number of new cases. Still, as cases skew younger and treatments improve, the continued downward trend in COVID-19 related deaths is encouraging and hospitalizations continue to rise much more gradually than new cases. (Source: The COVID Tracking Project)
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