Cautious, kind of – With the earnings season just starting, and it also being a summer Friday, the tape has a defensive feel to it today. Utilities (+1.9%) and Healthcare (+1.7%) are the top performers, while the Tech heavy Nasdaq 100 has been trading in the red all day. The only reason why this is not a risk off day, is that US Treasuries have been trading lower as well. Economic data was mixed this morning with Housing Starts positive, but Michigan sentiment dropped to 73.2 from 78.1 Next week will have 79 S&P 500 companies reporting (see below), giving investors another reason to pause.
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