June 6, 2022
Good morning,
Futures are up 1% overnight leading into this week’s market open. Some good news out of China would seem to be the explanation for the market’s overnight strength but the China headlines are thin, I suspect it’s something else – volatility. There is very little in the way of major data releases this week until Friday’s CPI report, and the FOMC will be clammed-up thanks to the pre-meeting blackout period. For a week of little data, we might normally expect a week of low volume – a summer trading affair. However, there is nothing normal about the current environment – it is extremely noisy, making the message from the market that much tougher to discern.
The S&P 500 was off -1.2% last week following the big move up the week before. I would not say the rally was derailed but nor did it extend. We’ll just have to wait for a clearer message from this noisy market where 1% moves seem hourly.
Be well,
Mike
Robertson Stephens paid no fee to obtain recognition but has paid licensing fees to reference its appearances on the Newsweek, USA Today, and FA Magazine rankings lists. See Awards Disclosures
