It’s a strong session as the market has reacted positively to three separate data points all suggesting the demise of the nation’s economy might be a tad premature. This all coming after news on US – China trade created the perfect backdrop for pent-up buyers to become more aggressive.
The read on the service economy came in better than expected powered by business activity and new orders helping the market extend its gains the only yellow flag is employment.
Percentage Point Moves
ISM Non-Manufacturing Index
Remarkable action in retailers that had for the most part been left for dead.
The American consumer might actually be on the verge of getting stronger as evidence by unit labor cost trends.
Time for Banks
The best performing sector today is the S&P Financials buoyed by rebound in 10-year yield on strong economic data. Moreover, FDIC just reported second quarter bank data from 5,303 institutions.
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