Monday Market Update

On Monday, July 1st, 2024, the stock market started the second half of the year amidst significant anticipation and a flurry of economic data. The week was shortened due to the upcoming Independence Day holiday on Thursday, leading to light trading and potential volatility.

The key focus was on the upcoming employment reports, particularly the June jobs report scheduled for release on Friday. Market participants were also attentive to Federal Reserve policy, with Fed Chairman Jerome Powell's appearance at a policy panel discussion on Tuesday at the European Central Bank Forum on Central Banking in Portugal. Additionally, minutes from the last Federal Open Market Committee meeting were due on Wednesday.

Treasury yields saw significant action, continuing their rise from late Friday into Monday. This movement in yields was attributed to end-of-quarter positioning and market reactions to recent economic data suggesting a slowing economy. Major indexes found some initial support despite these fluctuations (Schwab Brokerage) (RealPage).

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