Three Things to Watch
- The health of the consumer will be in focus this week with several high-profile retailers releasing earnings, including Target, Home Depot and Walmart. July retail sales and the University of Michigan consumer sentiment data (released last Friday) were both softer than expected, raising some concerns about consumer activity. Earnings, however, continue to surprise on the upside, with 87% of S&P 500 constituents reporting a positive surprise and the second quarter featuring the biggest earnings “beat” on record.
- Minutes from the last U.S. Federal Reserve (Fed) meeting (July 29) will be released on Wednesday with market participants still struggling to figure out what a Chairman Warsh-led Fed will look like.
- Economic data is on the light side, highlighted by the leading index, housing starts and home sales. The leading index is expected up 0.01% month over month, which would be the fourth gain in the past 12 months after an extended period of weakness.
Three Things to Know
- Rookie outfielder Joshua Baez is the first player in Major League history with three home runs in his first three plate appearances. (Source: St. Louis Cardinals)
- U.S. retail money market fund assets jumped +$202 billion year over year in June to a record $3.05 trillion. Since 2022, retail money market fund assets have more than tripled. This is also twice as large as the peak recorded following the 2020 pandemic. Retail money market fund assets have grown at a +14% compounded annual growth rate since the start of 2019. The average money market fund yield is currently 3.57%, according to the Crane 100 Money Fund Index, which tracks the 100 largest money market funds. (Source: The Kobieissi Letter)
- Elvis Presley died at the age of 42 on August 16, 1977. He is one of the best-selling music artists in history with worldwide record sales estimated at 500 million and tied with Madonna for top 10 and number one hits with 38. (Source: Wikipedia)
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.
5846031 – EXP: 08/31/2029