The major indexes jumped to start the week following Friday’s strong retail sales report — and more in Monday’s stock market recap.
The retail sales report was one of the reasons the market rallied on Friday, and likely part of the reason it continued to rally Monday morning. We’re seeing followthrough from Friday, which is rare lately and bullish in my book.
Inflation expectations are also holding steady or improving along with consumer sentiment, according to a July survey from the University of Michigan.
And remember, consumers drive the economy, so if consumer sentiment remains strong, it’s a good thing for the majority of companies and the market.
This report also bodes well as consumers and investors alike look for the Federal Reserve to back off from its aggressive interest rate hikes.
Be aware that the week ahead may be a volatile one — earnings season continues with Netflix reporting Tuesday, Tesla and United Airlines reporting Wednesday, American Airlines on Thursday and Twitter on Friday.
In this morning’s stock market recap video, I’ll explain the Fed data we need to pay close attention to… which sectors and stocks are prime for upside movement… what’s driving this market right now… an earnings preview for the week ahead… plus the key breakout levels for major indices.
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The major indexes closed up on Wednesday afternoon, and looked set to open lower Thursday. This speaks to a pattern I’ve noticed with the last four or five big reports…
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