DoubleLine’s Jeffrey Mayberry and Samuel Lau run down the reversals during the short market week of June 21-24. Jeff and Sam note the seasonal effect of summer doldrums across the week in which the bulk of market activity occurs right after opening and is then followed by mostly flat lines the rest of the day. In a thematic reversal (1:59), the S&P 500 and Agg were up for the week – as was Bitcoin – while commodities were down, a sector that could have its first negative month since November 2021. It was a relatively sparse week for Macro Land data, with PMI manufacturing and services numbers missing estimates but still in expansionary territory (10:28). While Jeff and Sam are not big on surveys they do take a look at the new University of Michigan Consumer Sentiment Survey, as Fed Chair Jerome H. Powell mentioned the metric at last week’s FOMC press conference (12:11). Next week will bring in some lagging measures (16:10), including durable goods in May and April home prices, as well as Jeff and Sam’s review of the first half of the year. This episode was recorded after market close June 24, 2022.
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