Jobless Claims, 2Q GDP Revision, $28bn Treasury Auction
Markets spent most of the day in a slumber yesterday, but just before the closing bell a small rally lifted equity indexes to just above par. This morning, investors are holding the market flat, as GDP revisions are expected to show a downward revision in the second quarter, and jobless claims are expected to remain above the 550k level.
Performance in the equities market has been tepid this week, in contrast to economic data that Deutsche Bank analysts call “notably upbeat.”
Meanwhile, global stocks have had mixed sessions. In Asia, the Nikkei fell 1.6% and China’s Shanghai index shed 0.71%; in Europe, stocks have drifted back and forth, with the German DAX currently trading lower and London’s FTSE 100 climbing marginally.
Looking at the big picture, Sherry Cooper, chief economist at BMO Capital Markets, said a V-shaped recovery â€
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