Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Trader Strategy
Chief Investment Officer
Summary: Wall Street closed yesterday with a slight positive tone, but the mood in Asia soured overnight, led by a hefty sell-off in Chinese equities for the second day with stronger than expected Chinese growth data being off-set by weaker than expected retail sales. After the recent wobble in the incredible run higher by US megacap stocks, the status of the rally faces an interesting test over the next two sessions as Netflix will report after the close today. Copper selling off for a second day as supply worries ease while crude oil struggles to break resistance.
Due to summer holidays, this Quick Take will be the last one until we resume on Monday, July 27.
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