This week, more traders were more concerned with the number of hot dogs on their grills than the number of shares in their accounts. The shortened trading week – thanks to the July 4th holiday – created light volume and slight returns as most investors took most of the week off.
Even with the holiday, various Federal agencies were busy this week. As with the start of a new month, quarter or mid-year, there was plenty of economic data to be had. A variety of metrics – from labor to housing – were released. The overall trend is still positive, but like recent weeks, the data has started to turn lower.
Despite the amount of data, corporate earnings were nowhere to be found. Almost no firms reported this week. But with earnings season just around the corner, the death of profit reports should end sooner than later.
All in all, the shortened week was light and mostly driven by the lack of trading.
Check out last week’s Market Wrap here.
With the July 4th holiday falling on a Tuesday this year, market hours for Monday were cut short. Although, given that most traders took a long four-day weekend, volume was almost non-existent. However, whoever was trading managed to push stocks higher to start the second half of the year. Higher crude oil prices buoyed energy stocks, while key measures of manufacturing data came in better than expected.