The major U.S. equity indices ended the shortened holiday week last week in the green. The best performing index was The Nasdaq Composite up 2.0%, with the worst performer being the S&P 500 Index up 1.2%. A notably weak sector was utilities (XLU) down over 3%. Consumer discretionary (XLY), health care (XLV) and technology (XLK) were the top performing sectors. Some credit the strength in the equity market to the generally positive economic reports last week. Officially, earnings season kicks off this week with Alcoa's (AA) report after the market close on Tuesday.
Econoday sums up the reports fairly well by noting,
"For the second quarter, the recovery has regained strength across a variety of sectors. Clearly, the consumer and manufacturing sectors are gaining strength. However, construction is uncertain. But the latest and positive employment data suggest that there may be better numbers ahead at least for housing. Second quarter GDP growth should be relatively strong."
Following is the link to this week's magazine.