Good morning,
Last week’s three-day pullback of just over 3% in equities—led by technology—was admittedly nerve-wracking, but in the end amounted to little more than a routine correction. That setback has now been largely erased, as the market narrative reverts to familiar themes: continued growth, contained inflation, international over domestic, and value over growth.
The balance of this week brings a massive economic data dump, as several releases were rescheduled following last week’s brief government shutdown. Today we get Retail Sales, with economists generally expecting a resilient—but not runaway—consumer. Wednesday brings the monthly employment report, where expectations for nonfarm payrolls are already muted, with some estimates as low as +25,000. Thursday follows with PPI, and Friday wraps up with CPI.
In short, we’re getting nearly a month’s worth of economic data compressed into a single week—plenty of information to digest as this mature bull market continues to press higher, for now.
Be well,
Mike
