The Oracle’s Mea Culpa Rebuffs Powell Blues: Taking Stock

The obvious macro overhang this morning will be payrolls data at 8:30am, and we do this every month. But that’s part of the fun right?

Most of the mega-caps have reported results, so much of the action today should be driven by this key data input -- from the health of hiring (watch out for census hiring impacts) to inflationary pressures in the hourly earnings data. We’ll see if there can be an unwind of the defensive stance the SPX has taken over the past five sessions. Health care, financials, real estate and consumer staples are far and away the leaders (but since the FOMC meeting, its just real estate and health care in the green).