Summers here - Markets are heading into the long weekend with the traditional defensives outperforming. Homebuilders are higher by 1.4%, Staples 19bps, and Utilities 36bps, and 10-year Treasuries are hovering around the .66% level. And that defensive posturing means ytd underperformers (now called Value) are lagging. Economic data started the long weekend early by taking the day off, but traders had a couple more earnings to check before they disappeared. Once again, the CV-19 winner/ losers earnings showed, as Foot Locker (FL -12.9%) reported comp sales that fell 42.8% in the quarter. Top supplier, Nike (-24bps), is not expected to report till mid-June.
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