The S&P 500 struggled overnight after posting new all-time highs early in session ahead of tonight’s employment data. An initial rally in big tech drove stocks up, but caution prevailed throughout the day, although the market still delivered its longest streak of monthly gains since September. Meta and Microsoft may have smashed earnings expectations, but the S&P still posted its 3rd consecutive losing day. On the day, 9 of the 11 S&P 500 sectors closed in the red, led by healthcare, which fell by 2.8% after the White House released letters asking big pharmaceutical companies to cut prices and make other changes in the next 60 days. There’s nothing like government intervention to knock a sector!
- We remain bullish on US stocks into Christmas, but in the short term, they look in need of a rest.
MM is now neutral towards US stocks in the short term
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