Jun 29, 2021
Equity markets were mostly muted on Monday but managed to scramble their way higher. The S&P 500 began the week with a gain of less than 0.25% but still set a new all-time high. Monday action was led by the tech sector, the NASDAQ Composite gained roughly 1% at the height of the session with some names making with larger moves. The FAANG stocks were in the spotlight with most gaining at least 0.9%, The day's leader was Facebook which advanced more than 4% on needed good news.
Market activity this week will focus heavily on the economic data. This week is the turn of the month which means we'll get the June reading of the non-farm payrolls report. The analysts are expecting job creation to pick up from the previous month but to remain well below the 1 million mark expected by many Wall Street participants. The biggest risk for the market now may be in the pace of job creation. Weak job gains could spell doom for the market.