Traders Market Weekly: Reasoning Inflation and Market Authenticity

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    U.K.’s July Construction PMI 51.7 (expected 48.0; last 48.9)


    The U.S. labor market continues its resilience in July with U.S. employers adding 187,000 workers in July, lower than expected. The ADP Employment Report for July (actual 324,000; consensus 190,000) released a day ahead of the BLS employment report. The ISM services employment index rose to 50.7 vs 53.1 prior. Expectations ranged between +140K and +300K nonfarm payroll jobs added, with a consensus estimate for 200K. June’s employment gain was revised down by 25,000, from +306,000 to +281,000.

    U.S. Adds 187,000 Jobs in July, Unemployment Rate Fell to 3.5%


    emiconductor stocks are showing some strength, leading to a 0.6% gain in the PHLX Semiconductor Index.

    Microchip (MCHP 83.93, -5.60, -6.3%) is going against the grain, exhibiting a sizable loss, after reporting quarterly results.


    Gains in the mega caps, aside from Apple, have had a noticeable impact on index performance, but many other stocks are coming along for the rally, too. T

    Vanguard Mega Cap Growth ETF (MGK) is up 1.1%;
    Invesco S&P 500 Equal Weight ETF (RSP) is up 0.7%;
    S&P 500 is up 0.9%.

    Apple (AAPL 185.33, -5.83, -3.1%)
    Amazon (AMZN 143.19, +14.28, +11.1%),


    Market rates pulled back in response to the jobs report, which showed a slowdown in nonfarm payroll growth that has the market considering the idea that it may be enough to keep the Fed on hold.

    The 2-yr note yield, at 4.93% just before the data, is down ten basis points to 4.80%.
    The 10-yr note yield, at 4.20% shortly before the report, is down 12 basis points to 4.07%.

    Those moves are encouraging after longer-dated Treasury yields had risen sharply over the last few sessions


    ow 35,065.62 -150.27 -0.43%
    S&P 500 4,478.03 -23.86 -0.53%
    Nasdaq 13,909.24 -50.48 -0.36%
    VIX 17.10 1.18 7.41%
    Gold 1,978.20 9.40 0.48%
    Oil 82.64 1.09 1.34%


    August 6 – 12, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Data Depen
    [See the full post at: Traders Market Weekly: Reasoning Inflation and Market Authenticity]

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