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Mid-Week Market Minute 07.01.2020

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The second quarter came to an end on Tuesday with the S&P 500 rallying about 20%, the best quarter for U.S. stocks since 1998.  International stocks weren’t far behind, with the MSCI EAFE and MSCI Emerging Markets indices gaining about 15% and 18% respectively. The Federal Reserve released the minutes from their June meeting, noting “the current stance on monetary policy remained appropriate”, while recognizing the need for further transparency on policy decisions going forward. Fed Chair Powell has remained cautiously optimistic on the economy, citing tremendous uncertainty for the economy going forward in the face of the surge in coronavirus cases. On the data front, consumer confidence rose by 12.2 to 98.1 for June, significantly better than consensus expectations. ADP’s employment report came in lower than expected for June, while job growth in May saw a significant upward revision to the number prior. The ISM manufacturing index increased nicely in June, showing strength in the production, new orders, and employment components. As we head into the holiday weekend, investors will have plethora of data to ponder with nonfarm payrolls, durable goods, and jobless claims data all expected on Thursday.

Source: Morningstar, CNBC, WSJ Market Data, GSAM