DoubleLine’s Jeff Mayberry and Samuel Lau take note of the strong showing in the second quarter for commodities and U.S. equities, with growth stocks massively outperforming their value counterparts. On the macro front, taking note of nonfarm payrolls and the latest U-3 and U-6 unemployment readings, Jeff notes that “the labor market has a long way to go but at least it’s moving in the right direction.” Sam tackles the Question of the Week, which focuses on special purpose acquisition companies (SPACs) and the dramatic growth in SPAC deal volume in 2020 and 2021 year-to-date. For the post-holiday market week starting Tuesday July 6, Jeff and Sam await the Wednesday release of the Federal Open Market Committee minutes for insight into Federal Reserve officials’ leanings with respect to tapering the Fed’s balance sheet.
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