Markets celebrated a strong close to the 2nd quarter. Will we see fireworks for the start of the 3rd quarter?
Monday
S&P 500 0.52% | NASDAQ 0.47%
Markets finished the first half of the year on a high note. Momentum continued from last week’s surge as the focus shifts to the second half of the year.
Tuesday
S&P 500 0.11% | NASDAQ 0.82%
Some gains were surrendered on Tuesday as Labor markets showed signs of an increase in job openings. JOLTS, which measures the amount of jobs available, came in larger than expected. The data point just about squashes any likelihood of a Federal Reserve Interest rate cut in July.
Wednesday
S&P 500 0.47% | NASDAQ 0.94%
Markets rebounded their losses as geopolitical tensions have eased in recent days. The prospect of trade channels opening after months of negotiations also boosted sentiment.
Thursday
S&P 500 0.83% | NASDAQ 1.02%
Markets closed early before the extended holiday weekend, but it was much of the same as equities pushed higher. Tech companies benefited from the shift to risk assets as a clearer path on the strength of the economy may be coming into sight.
Friday
S&P 500 0.00% | NASDAQ 0.00%
Happy 4th of July!
Conclusion
S&P 500 1.72% | NASDAQ 1.62%
The month of June flew by as traders tried to navigate through Interest Rate speculation, geopolitical uncertainty and a looming tax bill. Hopes for clearer information on all fronts seemingly change daily but the holiday-shortened trading week showed a relative sense of calm. There is certainly optimism surrounding specific trade deals, but others are keeping a watchful eye on whether that will change in the near term. The tax bill had a deadline for the 4th of July and will be closely watched as we move into the 2nd half of the year.
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