The View from 5th Avenue

The View from 5th Avenue – 26 July 2024

A bit of a recovery today for the major indices, as investors continued to contemplate the on/off rotation out of tech/semis, as well as a ton more earnings reports, most of which were fairly robust this morning. In terms of macro news, PCE data was generally as expected and consumer spending remained healthy enough, though US consumer sentiment eased to an 8-month low. All the data underscored the soft-landing scenario playing out and reinforced the belief that next week The Fed will lay the g…

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