The View from 5th Avenue

The View from 5th Avenue – 21 July 2022

Today was not quiet – the long awaited ECB decision to hike rates for the first time in 11 years was by more than expected, Initial/Continuing Jobless claims were hotter than expected, and it was the busiest earnings day of the season so far. The last point helps explain some of the outperformers - Autos & Pharma/Biotech led today, with Tesla (TSLA, +9.8%) and Danaher (DHR, +9.2%) reporting better than expected numbers.

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