The Weak Week that Wasn’t…Bit of a stumble the last few days (how dare you, equities!) and we would argue it’s more or less meaningless in the scheme. US indices have continued to slide lower today as China tensions are now garnering attention again, jobs numbers are erratic (if not underwhelming), and some of the most beloved tech blue chips (Amazon, Microsoft and to a lesser extent, Intel) got a little smack on their bottoms. However, Mr. Powell is holding a press conference next week and he has every reason in the world to lean overly dovish. Further, there has been a good deal of chatter around how the ‘next’ US stimulus plan is struggling to cross the line. However, no parties want blood on their hands ahead of an election, thus more stimulus will be forthcoming - talk is now August. To that end, an S&P week -60-70bps isn’t really a weak at all (spelling intended).
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