An interesting reaction to a pair of Supreme Court decisions this morning.  President Trump won a huge victory over House Democrats seeking access to his financial records, but the high court will allow the Manhattan District Attorney to see those same documents.

Although they are supposed to be kept secret, and seen only by a grand jury, the stock market is indicting there will be leaks. Those leaks could possibly interfere with the election.

I think this is a one-day event and the focus will remain on what kind of stimulus package Congress can put together and deliver before July 31.  I have spoken to enough Republican lawmakers to know they could be moving too slow and be too focused on things that have less consequence in the middle of a national emergency than under normal conditions.

The good news is the White House gets it and probably will begin to signal for larger checks and a wider round of stimulus aimed at an even wider base of recipients.

Market breadth is not pretty, but it’s also not alarming, either.

Industry of the Day (last five years)

Keep an eye on software, which gets lost in all the hype over big Technology and Communication names. But these names are the plumbing which make all those things work.