With the unofficial start to summer finally here, many of the traders on Wall Street are beginning their vacations. That lack of energy in the markets was felt this past week as overall returns drifted sideways. Even international and political events – such as the pop-election and terror attack in the U.K., issues in the Middle East, and former FBI Director James Comey testifying – couldn’t shake the market in any way.
Neither did the week’s data: Hardly any economic metrics were released and what was announced was rather muted. The same could be said for the lack of corporate earnings. With earnings season officially over as well, there won’t be any bellwether driving returns.
All in all, the summer doldrums are once again in full effect. And this week’s performance – or lack thereof – underscored that fact.
Check out last week’s Market Wrap here.
Despite the terror attack in the United Kingdom and issues in Qatar over the weekend, stocks on Monday were stable – except for Apple. Traders weren’t pleased with the tech giant’s announcements at its annual Worldwide Developers Conference. With questions about its ability to generate another iPhone-like hit, traders sold shares, which pulled down the major indexes on overall light volume.