U.S. benchmarks again retreated at 3:00 a.m. CT. This time, it was on the heels of aggressive comments from China’s President Xi, who called for foreign countries to end their “bullying” of the communist nation.
Travel stocks, Financials, Industrials, and Energy have all suffered. However, we see the potential for a strong rebound in these sectors upon steady to slightly better economic data heading into the July 4th holiday.
The Delta Variant grabbed headlines yesterday and markets reacted. Tech stocks led the way as traders and managers pulled out their 2020 Covid-19 playbooks.
The economic calendar culminates with Nonfarm Payroll on Friday. There’s a deluge of Manufacturing data from the U.S., Europe, and China leading into Friday. 
Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.
The first half of the week can be characterized by Fed speak, but infrastructure is now attracting headlines, and so will the economic data.
U.S. benchmarks have continued their rebound from last week’s healthy pullback. After a quiet overnight session, the S&P is staring down the barrel at its all-time high. The Nasdaq has already set a fresh record for the second straight session. 
Value roared back yesterday: the Dow gained 1.83% to the S&P’s 1.45%. Better yet, the rally didn’t come at the expense of Growth stocks— the Nasdaq still gained 0.68% and every sector was positive. 
Broadly speaking, markets are still digesting last week’s activity, namely the Federal Reserve’s slight hawkish turn at their policy meeting and the impact of quadruple witching.
A very minor shift in the Fed’s rate hike expectations has roiled risk assets and strengthened the U.S. Dollar. Via their dot plot, committee members now anticipate 2 rate hikes through the end of 2023.