Last Week's Close

E-mini S&P 500 (June): Settled with 4169, up 62.00 on Friday and down 56.25 on the week

E-mini Nasdaq-100 (June): Settled at 13,387, up 286.75 on Friday and down 322.75 on the week

U.S. benchmarks pared some of Friday’s enthusiasm ahead of Monday’s opening bell. Last night, a deluge of economic data from China was in line with expectations, but generally underwhelmed, signaling that the sharp pandemic rebound has dissipated. 

This morning, we look to NY Empire State Manufacturing, a number that only recently began turning a corner, and comments from 2 2021 Fed voters, Fed Governor Richard Clarida and Atlanta Fed President Raphael Bostic. 

Retail earnings are in the spotlight beginning tomorrow with Walmart, Home Depot, Macy’s, and more. These come on the heels of Friday’s poor Retail Sales data, which showed that spending sputtered out after March’s stimulus check surge. With President Biden’s $4 trillion spending plan still being heavily debated in Congress, the White House announced the bill passed in March carved out additional household stimulus that could hit individuals as early as mid-July. 

Also in the headlines is a massive streaming merger between AT&T and Discovery; both stocks were up ahead of the bell. With the Retail earnings pulse and inflation conversation driving sentiment, traders mustn’t ignore a worsening Covid-19 situation through Southeast Asia. 

Although markets in China and Hong Kong were stable today, the Nikkei finished down 0.92% and Taiwan’s Taeix down 2.99%. However, the number of Covid-19 cases U.S., now at 29,017, has hit its lowest level since last June and the UK is relaxing restrictions.

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