Shiny And New.
A steady stream of earnings reports last week, along with continued positive economic and inflation data, set up the stock market for another shift higher. But it all felt a bit forced, with small, incremental gains rather than solid leaps forward. There’s a sense that markets may have hit an air pocket in their upward glidepath as we wait to see if rising Large Cap stocks can pull the rest of the market up with them.
Even in the face of deepening hostilities in the Middle East and a resulting firmness in the oil price, Monday saw the S&P 500 add to its all-time high set the previous Friday…
The skinny
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