Good Morning,
I hope everyone had a great weekend!
Markets ended higher last week after the latest reads on prices came in a touch above expectations. Coupled with the weaker July jobs data, a rate cut in September is still likely. From a fundamental standpoint, this market remains strong with the majority of S&P 500 companies beating Q2 earning expectations with only a handful left to report. I think any positive revelations that come from the meeting of Ukraine’s Zelensky and President Trump later today, will lead to a momentum fueled rally. We have seen this market broaden out and with rates likely to come down over the duration of the year, I think this breadth will continue. Fed Chair Powell’s Jackson Hole speech on Friday will be analyzed closely with insights on the future of rates. As I have mentioned the last few weeks, should we see a near-term pull-back of significance, think of it as a buying opportunity. Please continue to reach out with questions.
Attached, please find this week’s Market Strategy Radar Screen Report from John Stoltzfus, Chief Investment Strategist of Oppenheimer Asset Management.
Have a great week!