The Monday Wrap

The Monday Wrap

Macro:
 Pending Home Sales beat, Dallas Fed contracted, but beat.
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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.
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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%.
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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.
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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.