The Monday Wrap
Pending Home Sales beat, Dallas Fed contracted, but beat.
1) Every major Equity index gave up anywhere from 2% to 2.5% on the day, as Greece, Puerto Rico, and Chinagave traders plenty of reason to sell stocks. Exacerbating the sell-off, at least for the Financials were diminishing odds of the Fed’s implementation of an interest rate hike later this year.
2) Financials may have been your worst performing sector, but the beat-down was broad based. Materials, Health Care, Consumer Discretionary, and Info Tech all gave up more than 2%.
3) Utilities, down half of a percent were easily the best sector on the day, supported somewhat by the safe haven seeking surge in Treasuries.
4) Trading volume was heavier than usual, which is saying something given that Friday was the Russell Rebalance, and tomorrow is the end of the quarter.