For the Love of Money – The current stalemate in stimulus is weighing on a few things –like American’s psyche, wallets and sentiment. Apparently, it is not weighing as heavily on the stock market as one might think today, though. After a weak day for European equities and lower futures pre-open, US indices could have folded hard ---especially as the Senate will remain closed for any further decision-making until September 8th. However, the value trade has played out thus far as autos, banks and energy have outperformed, while the tech gang has fallen short (Nasdaq weaker). Retail has been of separate interest as a 1.2% rise in retail sales in July has helped Macy’s (+6%), Kohl’s (+4%) and Nordstrom (JWN +5%) get a much needed boost. One other name of note – DraftKings (-7%), the online gambling co that has suffered from the cancellation of pro and college sports leagues (smh). That said, if you want to see Redburn’s deep dive on the value of these names, please ask!
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