[BRIEFING.COM] The major averages moved in a relatively stable range in their first session back from the long holiday weekend, with the Nasdaq Composite (+1.1%) and S&P 500 (+0.7%) buoyed by continued strength across mega-cap stocks and a rebound in semiconductor names today. That momentum helped the S&P 500 close above the 7,500 mark for the first time since June 18. The DJIA (+0.3%) notched a more modest gain as there was some rotational selling across more defensive pockets of the market amid the outperformance in tech, though it was enough for the index to secure all-time highs and close above the 53,000 mark for the first time.

Today's rebound across semiconductor stocks was widely attributed to investors buying last week's pullback rather than any single industry-specific catalyst. There were still a few news items of note, with Advanced Micro Devices (AMD 552.05, +34.23, +6.61%) outperforming after Goldman Sachs reiterated its Buy rating on the stock and increased its target price to $640 from $450, while Broadcom (AVGO 373.90, +13.45, +3.73%) and Apple (AAPL 312.66, +4.03, +1.31%) agreed to expand their long-standing technology collaboration through 2031. The PHLX Semiconductor Index advanced 2.2%, helping the top-weighted information technology sector (+1.3%) finish as one of the top-performing S&P 500 sectors.

Only the communication services sector (+1.6%) notched a wider gain, with Meta Platforms (META 600.29, +17.39, +2.98%) and Alphabet (GOOG 364.90, +8.72, +2.45%) charting session highs this afternoon to offset broader weakness in the sector.

Tesla (TSLA 419.77, +26.32, +6.69%) was another mega-cap standout, reclaiming nearly all of Friday's loss and pushing the consumer discretionary sector (+1.0%) higher despite weakness across most of the sector. Specialty stores such as O'Reilly Auto (ORLY 84.24, -6.01, -6.66%) and AutoZone (AZO 2957.71, -201.57, -6.38%) were the worst-performing S&P 500 components today.

In total, the Vanguard Mega Cap Growth ETF gained 1.5%, and the market-weighted S&P 500 (+0.7%) outperformed the S&P 500 Equal Weighted Index (flat).

Performance across other cyclical sectors was mixed, with the financials (+0.9%) and industrials (+0.8%) sectors posting solid gains while the energy (-0.3%) and materials (-0.2%) sectors faced modest retreats.

Meanwhile, the defensive health care (+1.2%), utilities (-1.1%), and consumer staples (-0.9%) sectors lagged as investors rotated back into mega-cap tech and semiconductor names today. The real estate sector (-0.9%) faced a similar retreat.

Outside the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.4%) notched decent gains after underperforming last week.

All told, the stock market returned from the holiday weekend on solid footing, with continued strength across technology helping the major averages push through several notable round-number milestones. While those gains came at the expense of some more defensive areas of the market, overall breadth remained decidedly positive, with analysts characterizing the rotation beneath the surface as a healthy feature of the ongoing bull market.

U.S. Treasuries began the week on a mixed, but largely quiet note, with the long bond recording its fourth consecutive loss while the 5-year note yield and shorter tenors climbed for the second day in a row. The 2-year note yield settled down two basis points to 4.12%, and the 10-year note yield settled down one basis point to 4.48%.

• Russell 2000: +21.3% YTD
• S&P Mid Cap 400: +15.5% YTD
• Nasdaq Composite: +12.4% YTD
• DJIA: +10.4% YTD
• S&P 500: +10.1% YTD

Reviewing today's data:

• June S&P Global U.S. Services PMI - Final 51.2; Prior 51.3
• June ISM Non-Manufacturing Index 54.0% (Briefing.com consensus 54.2%); Prior 54.5%
  • The key takeaway from the report is that activity in the services sector is still running at a good pace despite ongoing price pressures. The June reading was 0.9 percentage points above the 12-month average of 53.1%.

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.4%), and DJIA (+0.2%) remain little changed from previous levels as the session nears an end.

Criteo (CRTO 23.12, +4.04, +21.17%) has moved sharply higher this afternoon after Bloomberg reported that Vista Equity Partners and Quinti Capital have teamed up to submit a takeover bid for the company.

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.2%), and DJIA (+0.2%) are now higher across the board as the market enters the final hour of the session.

Crude oil futures settled today's session $0.13 lower (-0.2%) at $68.55 per barrel, adding to today's subdued tone as tech stocks continue to do the driving, with semiconductors posting particularly solid gains.

[BRIEFING.COM] The S&P 500 (+0.80%) is in second place on Monday afternoon, up about 60 points.

Briefly, S&P 500 constituents ResMed (RMD 220.48, +10.85, +5.18%), PACCAR (PCAR 124.54, +5.04, +4.22%), and Interactive Brokers (IBKR 95.07, +3.74, +4.10%) are among the non-technology companies showing strength in the average this afternoon. For its part PCAR rallies following better than expected ACT class 8 truck data for June, while IBKR continues its back and forth movement over the past few sessions (+4.7% over the last two weeks vs. +1.4% in the S&P 500 over the same period).

Meanwhile, Keurig Dr Pepper (KDP 32.00, -1.30, -3.90%) is near the bottom of the standings, falling as consumer staples stocks retreat amid the broader rotation into technology stocks.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.90%) is 234 points higher this afternoon, leading gains among the major averages.

Gold futures settled $41.80 higher (+1.0%) at $4,167.50/oz, after weaker-than-expected June U.S. jobs data strengthened expectations that the Federal Reserve could take a more cautious approach to interest rates. Lower oil prices also supported bullion by easing inflation concerns, while investors awaited Wednesday's Fed meeting minutes for additional policy signals.

Meanwhile, the U.S. Dollar Index is less than +0.1% higher to $100.92.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.03%) is in last place among the major averages, up about 14 points.

A look inside the DJIA shows that IBM (IBM 298.67, +9.15, +3.16%), Boeing (BA 232.69, +6.20, +2.74%), and Goldman Sachs (GS 1045.01, +24.01, +2.35%) hold solid gains.

Meanwhile, Amgen (AMGN 365.03, -9.12, -2.44%) is at the bottom of the average.

The DJIA is now +6.02% higher off the mid-June lows (6/10).

[BRIEFING.COM] The stock market had a relatively quiet morning in its first session back from the long holiday weekend, with the S&P 500 (+0.7%), Nasdaq Composite (+1.3%), and DJIA (flat) trading in a range-bound fashion.

A solid rebound across semiconductor names is driving gains in the S&P 500 and Nasdaq Composite as investors rotate back into the key leadership group after a slide in the back half of last week. Headlines are relatively quiet, suggesting the gains are driven by investors buying the recent dip as opposed to a corporate news item or industry-specific catalyst. Advanced Micro Devices (AMD 558.36, +40.54, +7.83%), however, is a standout after Goldman Sachs reiterated its Buy rating on the stock and increased its target price to $640 from $450.

The PHLX Semiconductor Index is up 3.2%, pushing the information technology sector (+1.7%) firmly higher as well.

Mega-cap stocks outside of the semiconductor space are also improving as the session progresses. The Vanguard Mega Cap Growth ETF is now up 1.5%, helping the market-weighted S&P 500 (+0.7%) comfortably outperform the S&P 500 Equal Weighted Index (-0.1%). The communication services (+1.0%) and consumer discretionary (+0.8%) sectors hold solid gains as a result, with Tesla's (TSLA 418.78, +25.33, +6.44%) outsized gain lifting the consumer discretionary sector despite the vast majority of its components trading lower.

The industrials (+0.7%) and financials (+0.5%) sectors also hold decent gains, while six S&P 50 sectors trade lower.

Losses are widest across the defensive consumer staples (-1.4%), utilities (-1.2%), and health care (-1.1%) sectors, as investors rotate back into semiconductors and mega-cap stocks. Constellation Brands (STZ 129.44, -8.03, -5.84%) is a particular laggard, continuing to slide after its latest earnings release.

Outside of the S&P 500, smaller-cap indices are rebounding from a lower showing last week. The Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.5%) hold solid gains.

So far, investors' willingness to buy into the recent weakness across semiconductor stocks is driving solid gains at the index level, at least for the market-capitalization-weighted S&P 500 and Nasdaq Composite. While there is a bit of rotational action out of more defensive pockets of the market, enthusiasm across mega-cap tech and AI-related stocks has the S&P 500 on pace for its first close above the 7,500 mark since June 18.

Reviewing today's data:

• June S&P Global U.S. Services PMI - Final 51.2; Prior 51.3
• June ISM Non-Manufacturing Index 54.0% (Briefing.com consensus 54.2%); Prior 54.5%
  • The key takeaway from the report is that activity in the services sector is still running at a good pace despite ongoing price pressures. The June reading was 0.9 percentage points above the 12-month average of 53.1%.

[BRIEFING.COM] The major averages continue to trade in a mostly higher fashion just after midday.

TeraWulf (WULF 23.62, +2.44, +11.50%) trades sharply higher after executing a 20-year lease agreement with Anthropic at its Justified Data campus in Hawesville, Kentucky. The lease is expected to generate approximately $19 billion of contracted revenue over the initial lease term. Separately, TeraWulf has entered into a definitive agreement to sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by its joint venture partner, Fluidstack. The transaction monetizes TeraWulf's approximately $450 million investment at a premium to invested capital, unlocking significant capital for redeployment into wholly owned AI infrastructure opportunities.

Collectively, the transactions enhance TeraWulf's long-term revenue visibility, strengthen its financial position, and further align the Company's capital with infrastructure platforms where it maintains direct ownership, customer relationships, and operational control.

[BRIEFING.COM] The S&P 500 (+0.7%) and Nasdaq Composite (+1.4%) are charting session highs at midday while the DJIA (-0.1%) remains pinned just below its baseline.

The consumer staples sector (-1.8%) holds the widest loss at this juncture, with all but two of its components trading lower. Constellation Brands (STZ 130.23, -7.24, -5.27%) is sliding sharply lower again and is now down about 7% since reporting Q1 results on June 30, as investors continue to look past the company's earnings and revenue beat. The stock's continued weakness suggests investors need to see more consistent beer depletion growth and clearer evidence that pricing, market-share gains, and newer-brand momentum can translate into a durable demand recovery.

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+1.4%), and DJIA (-0.1%) have spent the session in a relatively narrow range as investors buy into recent weakness across semiconductor stocks against a backdrop of mixed strength in the broader market.

The PHLX Semiconductor Index is up 3.8%, pushing the information technology sector (+2.0%) to the top of today's leaderboard, with stocks such as Advanced Micro Devices (AMD 567.77, +49.95, +9.65%) and Arista Networks (ANET 173.22, +13.23, +8.27%) leading all S&P 500 components. The broader market has seen some improvements from the open, with a total of five S&P 500 sectors now trading higher, though gains are more modest elsewhere.

Weakness is increasingly concentrated across more defensive-oriented sectors, with the consumer staples (-1.8%), health care (-1.5%), and utilities (-1.1%) sectors the three worst-performing sectors.

The S&P 500 Equal Weighted Index (-0.1%) sits modestly lower as a result.

Outside the S&P 500, the Russell 2000 (+0.8%) and S&P Mid Cap 400 (+0.6%) are off to a solid start after finishing lower in the previous week.

[BRIEFING.COM] The major averages remain little changed from previous levels.

While the information technology sector (+1.9%) is a standout today, Microsoft (MSFT 385.49, -5.00, -1.28%) is a mega-cap laggard after Business Insider reported the company is laying off 4,800 employees across its Xbox and sales units. The stock is the only "Magnificent Seven" name that trades lower for the day, with the Vanguard Mega Cap Growth ETF up 1.3% as a result.

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+1.1%), and DJIA (-0.2%) trade in a relatively stable range as gains across semiconductor stocks largely outweigh some softness in the broader market.

The ISM Services PMI decreased to 54.0% in June (Briefing.com consensus: 54.2%) from 54.5% in May. The dividing line between expansion and contraction is 50.0%, so the June reading reflects services sector activity growing just a tad slower than the prior month.

The key takeaway from the report is that activity in the services sector is still running at a good pace despite ongoing price pressures. The June reading was 0.9 percentage points above the 12-month average of 53.1%.

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.9%), and DJIA (-0.3%) sit mostly higher as semiconductor stocks garner relatively strong buy-the-dip interest this morning while the broader market leans mostly lower.

The information technology sector (+1.8%) is the early leader, buoyed by sharp gains across chipmakers such as Advanced Micro Devices (AMD 562.02, +44.20, +8.54%), memory names such as Western Digital (WDC 591.36, +52.36, +9.72%), and a host of other semiconductor-related stocks. The PHLX Semiconductor Index is up 4.4%.

True to recent form, the industrials sector (+1.1%) also outperforms, as electrical product names and other stocks of companies deemed necessary for the AI buildout cycle garner buying interest alongside semiconductor stocks.

Strength is limited elsewhere, with just the energy (+0.4%) and financials (+0.1%) sectors holding slight gains.

Meanwhile, seven S&P 500 sectors trade lower, with particular weakness across more defensive-oriented sectors as momentum returns to semiconductor stocks. The health care (-2.0%) and consumer staples (-1.4%) have given up the bulk of Friday's gains.

Just released, the ISM Services PMI decreased to 54.0% in June (Briefing.com consensus 54.2%) from 54.5% in May.

The final reading of the S&P Global U.S. Services PMI registered at 51.2, down from the previous reading of 51.3.

The major averages remain poised for a mostly higher open amid some early buy-the-dip action across semiconductor stocks this morning.

The S&P 500 is on track to open above the 7,500 mark, which has acted as a resistance level recently, with the index last closing above the mark on June 18.

The S&P 500 futures currently trade 28 points above fair value.

Equity indices in the Asia-Pacific region began the week on a mixed note. Japanese debt faced some pressure ahead of tomorrow's 30-yr JGB auction. Apple supplier Hon Hai reported record sales for Q2 and issued strong guidance. Samsung will report its preliminary Q2 results tomorrow. South Korea launched 24-hour currency trading and South Korea's President Lee said that a committee to enhance chip competitiveness will begin operating in August. China has begun cracking down on safety violations in mining and chemical production.

• In economic data:
  • Hong Kong's June Manufacturing PMI 52.0 (last 50.4)
  • Australia's June MI Inflation Gauge -0.4% m/m (last -0.3%). June ANZ Commodity Price Index -1.0% m/m (last 0.7%) and June ANZ Job Advertisements -0.2% m/m (last 2.0%)
  • Singapore's May Retail Sales -2.3% m/m (last 0.4%); 3.0% yr/yr (last 5.4%)

---Equity Markets---

• Japan's Nikkei: -0.1%
• Hong Kong's Hang Seng: +1.1%
• China's Shanghai Composite: -0.1%
• India's Sensex: +0.7%
• South Korea's Kospi: -0.5%
• Australia's ASX All Ordinaries: -0.1%

Major European indices trade near their flat lines while Spain's IBEX (-0.7%) underperforms with industrials and construction names among the laggards. Economic data released this morning was generally positive, though eurozone's PPI accelerated to 5.9% in May from 5.0% in April. Germany has increased its borrowing estimate for 2027 by about EUR7 bln due to weak tax revenue. EasyJet agreed in principle to be acquired by Castlelake for $7.3 bln. European Central Bank policymaker Moulin said that he is comfortable with the base scenario and that the balance of risks is in the right place.

• In economic data:
  • Eurozone's May Retail Sales 0.2% m/m, as expected (last -0.3%); 1.6% yr/yr (expected 1.5%; last 0.9%). May PPI 0.2% m/m, as expected (last 0.7%); 5.9% yr/yr (expected 5.7%; last 5.0%). July Sentix Investor Confidence -3.1 (expected -14.5; last -13.4)
  • Germany's May Factory Orders 1.9% m/m (expected 1.1%; last -3.2%)
  • U.K.'s June Construction PMI 38.4 (expected 40.1; last 38.2)
  • Swiss June Unemployment Rate 3.1% (expected 3.0%; last 3.0%)

---Equity Markets---

• STOXX Europe 600: -0.3%
• Germany's DAX: -0.2%
• U.K.'s FTSE 100: -0.3%
• France's CAC 40: -0.2%
• Italy's FTSE MIB: unch
• Spain's IBEX 35: -0.8%

The S&P 500 futures currently trade 24 points above fair value.

T-Mobile (TMUS 178.90, +1.38, +0.8%) trades higher in the premarket after Bank of America Securities upgraded the stock to Buy from Neutral with a target price of $220.

Meanwhile, Datadog (DDOG 248.00, -12.36, -4.8%) is a premarket laggard after Bernstein downgraded the stock to Market Perform from Outperform, with a target price of $226.

Equity futures point to a mostly higher open this morning, with futures tied to the S&P 500 and Nasdaq Composite outpacing those tied to the DJIA as semiconductor stocks look to rebound from a shaky week.

Although volatility across semiconductor stocks remained elevated, renewed leadership from mega-cap growth stocks, broad strength in software, and another solid showing from other pockets of the market helped offset the weakness in chipmakers. The broadening of leadership has been touted by analysts as a bullish signal, and the consumer discretionary sector (-1.1% year-to-date) is now the only S&P 500 sector without a year-to-date gain.

Oil remains below $70 per barrel as the U.S.-Iran conflict remains in de-escalation mode. Bloomberg reports that shipping along the U.S. protected corridor in the Strait of Hormuz is seeing signs of recovery.

This week will be particularly light on both economic data releases and earnings reports, with the market set to receive the June ISM Non Manufacturing Index (Briefing.com consensus 54.2%) at 10:00 a.m. ET.

In corporate news:

• Sriram Krishnan says President Trump will not support heavy artificial intelligence regulation, according to Financial Times.
• GFL Environmental (GFL 39.80, +2.32, +6.2%) is considering going private, according to Bloomberg.
• Micron (MU 1,008.40, +32.84, +3.4%) broke ground on a $9 billion Japanese factory expansion, according to Bloomberg.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region began the week on a mixed note. Japan's Nikkei: -0.1%, Hong Kong's Hang Seng: +1.1%, China's Shanghai Composite: -0.1%, India's Sensex: +0.7%, South Korea's Kospi: -0.5%, Australia's ASX All Ordinaries: -0.1%.

In news:

• Japanese debt faced some pressure ahead of tomorrow's 30-yr JGB auction.
• Apple supplier Hon Hai reported record sales for Q2 and issued strong guidance.
• Samsung will report its preliminary Q2 results tomorrow.
• South Korea launched 24-hour currency trading and South Korea's President Lee said that a committee to enhance chip competitiveness will begin operating in August.
• China has begun cracking down on safety violations in mining and chemical production.

In economic data:

• Hong Kong's June Manufacturing PMI 52.0 (last 50.4)
• Australia's June MI Inflation Gauge -0.4% m/m (last -0.3%). June ANZ Commodity Price Index -1.0% m/m (last 0.7%) and June ANZ Job Advertisements -0.2% m/m (last 2.0%)
• Singapore's May Retail Sales -2.3% m/m (last 0.4%); 3.0% yr/yr (last 5.4%)

Major European indices trade near their flat lines while Spain's IBEX (-0.9%) underperforms with industrials and construction names among the laggards. STOXX Europe 600: -0.3%, Germany's DAX: -0.1%, U.K.'s FTSE 100: -0.3%, France's CAC 40: UNCH, Italy's FTSE MIB: UNCH, Spain's IBEX 35: -0.9%.

In news:

• Economic data released this morning was generally positive, though eurozone's PPI accelerated to 5.9% in May from 5.0% in April.
• Germany has increased its borrowing estimate for 2027 by about EUR7 bln due to weak tax revenue.
• EasyJet agreed in principle to be acquired by Castlelake for $7.3 bln.
• European Central Bank policymaker Moulin said that he is comfortable with the base scenario and that the balance of risks is in the right place.

In economic data:

• Eurozone's May Retail Sales 0.2% m/m, as expected (last -0.3%); 1.6% yr/yr (expected 1.5%; last 0.9%). May PPI 0.2% m/m, as expected (last 0.7%); 5.9% yr/yr (expected 5.7%; last 5.0%). July Sentix Investor Confidence -3.1 (expected -14.5; last -13.4)
• Germany's May Factory Orders 1.9% m/m (expected 1.1%; last -3.2%)
• U.K.'s June Construction PMI 38.4 (expected 40.1; last 38.2)
• Swiss June Unemployment Rate 3.1% (expected 3.0%; last 3.0%)

[BRIEFING.COM] The major averages finished mixed today as another sharp pullback across semiconductor stocks and select mega-cap names masked broad strength across several defensive sectors. The S&P 500 finished flat, the Nasdaq Composite (-0.8%) ended lower, while the DJIA (+1.1%) notched record highs.

Despite the divergence beneath the surface, all three major averages remain up between 1.8% and 2.1% for the week. Semiconductor stocks remained under pressure for a second consecutive session, with the PHLX Semiconductor Index falling 5.4% as the recent momentum trade continued to unwind. Weakness was particularly pronounced among memory names after Bloomberg reported that Apple (AAPL 308.63, +14.25, +4.84%) is lobbying for permission to purchase memory chips from China's ChangXin Memory Technologies.

The development weighed on names such as Sandisk (SNDK 1745.00, -287.22, -14.13%) and helped leave the information technology sector (-1.5%) as the day's weakest performer.

Pressure across other areas of mega-cap technology was also more selective than recent sessions. Meta Platforms (META 582.88, -30.03, -4.90%) gave back a portion of yesterday's sharp advance, while Tesla (TSLA 392.82, -32.48, -7.64%) extended its intraday reversal despite reporting better-than-expected second-quarter deliveries earlier in the session. Those moves also weighed on the communication services (-0.7%) and consumer discretionary (-0.7%) sectors, the only other S&P 500 sectors to finish in negative territory. The Vanguard Mega Cap Growth ETF finished 1.0% lower.

However, Genuine Parts (GPC 132.57, +15.17, +12.92%) finished as the top-performing S&P 500 component after Bloomberg reported that O'Reilly Auto (ORLY 90.25, -2.44, -2.63%) is interested in acquiring the company's automotive parts business.

Away from technology, leadership rotated decisively toward more defensive areas of the market. The health care (+2.7%), consumer staples (+2.4%), and utilities (+2.3%) sectors finished with the largest gains, while the materials sector (+2.1%) also outperformed. Health care stocks continued to build on their recent momentum, with hospital operators such as Universal Health (UHS 158.33, +7.75, +5.15%) and HCA (HCA 410.50, +17.26, +4.39%) among the sector's strongest performers after the Centers for Medicare & Medicaid Services proposed updates aimed at strengthening Medicare program integrity, combating fraud, and expanding access to home health care.

Today's leadership differed from recent sessions in one notable respect. While the S&P 500 Equal Weight Index (+0.8%) finished with a nice gain, smaller-cap stocks did not participate in the rotation out of tech, with the Russell 2000 (-0.6%) and S&P Mid Cap 400 (-0.4%) both ending lower after the Russell reached record highs earlier this week.

Today's session reinforced that investors continue to differentiate aggressively beneath the surface rather than broadly reduce equity exposure. While semiconductor stocks remained under pressure and weighed on the technology-heavy indices, continued leadership from health care and several other defensive groups helped the DJIA notch another record high and kept the broader market's weekly advance largely intact.

U.S. Treasuries finished the holiday-shortened week on a mixed, but generally flat note, locking in losses for the week. The 2-year note yield settled down two basis points to 4.14% (+5 basis points this week), and the 10-year note yield settled up one basis point to 4.49% (+12 basis points this week). 

Bond and equity markets will be closed tomorrow, returning for a full session on Monday.

• Russell 2000: +20.7% YTD
• S&P Mid Cap 400: +15.1% YTD
• Nasdaq Composite: +11.2% YTD
• DJIA: +10.1% YTD
• S&P 500: +9.3% YTD

Reviewing today's data:

• June Nonfarm Payrolls 57K (Briefing.com consensus 110K); Prior was revised to 129K from 172K, June Nonfarm Private Payrolls 49K (Briefing.com consensus 88K); Prior was revised to 97K from 120K, June Unemployment Rate 4.2% (Briefing.com consensus 4.3%); Prior 4.3%, June Average Hourly Earnings 0.3% (Briefing.com consensus 0.3%); Prior 0.3%, June Average Workweek 34.3 (Briefing.com consensus 34.3); Prior 34.3
  • The key takeaway from the report for the market, which likes to see the good in the bad, is that the softer payrolls and pressure on real earnings should temper concerns about an imminent rate hike.
• Weekly Initial Claims 215K (Briefing.com consensus 220K); Prior was revised to 216K from 215K, Weekly Continuing Claims 1.814 mln; Prior was revised to 1.812 mln from 1.821 mln
  • The key takeaway from the report is that initial jobless claims continue to track at low levels, offering a nice cue that suggests the labor market, overall, remains on solid ground.
• May Factory Orders -1.3% (Briefing.com consensus 1.5%); Prior was revised to 5.3% from 4.8%
  • The key takeaway from the report is that the headline weakness was a function of a large decline in volatile transportation equipment orders. Exclude that factor, and factory orders were quite solid in May.