Welcome Back,

Market Headlines 👀 

• US President Biden inks letter to US Democratic party emphasizing he will remain in the race.

• Morgan Stanley (MS) company equity strategist Mike Wilson sees a 10% decline possible between now and the elections.

• Boeing (BA) company agrees to felony deal with the justice department for close to $500m over disputes from 2017-2019 777 max crashes.

• S&P (SPX) continues its rally and edges to new all time highs again ahead of a big CPI and PPI report this week.

• Boeing (BA) plane looses a wheel today upon takeoff from Los Angeles similar to an issue the company faced in March.

Recap Around the Street 🧠

The unemployment rate moved higher again in June, up to 4.1% (vs. 4.0% consensus). Unemployment is now above the Fed’s projection for the full year 2024 (from their Summary Economic Projections). This has caused bond markets to price in a greater chance of the Fed cutting policy rates sooner in 2024, with a 70% chance of a cut in September. The market currently has 2 cuts priced in for the full year 2024. Watch CPI this week as an important input in this pricing(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Returns by style (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Tuesday, July 9th: Consumer Credit

• Wednesday, July 10th: MBA mortgage applications; Wholesale inventories

• Thursday, July 11th: Weekly jobless claims; Consumer price index (CPI)

• Friday, July 12th: Price producer index (PPI); earnings season kicks off with bank earnings

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That’s all for today, folks! We’ll be back around the same time Thursday with a curated list of important news, economic data and market highlights. 

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