Lots of interesting storylines coming off a July 4^th holiday

Global markets were down after economic data from around the globe was a little soft. Chinese services PMI data missed expectations and European PMI data for June was revised lower. Concerns for global growth will remain a concern…particularly out of Europe which has not had a good stretch. Cyclical stocks in the U.S. are lagging market action today off this global growth concerns with the materials sector taking the brunt of the negativity.  

China also was in the news after potentially restricting the export of two rare earth minerals, gallium and germanium. These two rare earth minerals are used in the production of semiconductor chips and the limiting of the export of these rare earth minerals is in response to U.S. limiting of AI semiconductor chips to China. China’s Global Times, the mouthpiece for the Chinese government, noted that China’s metal export curbs are a warning to the US and its allies. Shades of Trade War from 2019 in that language.

UPS is also in the news as negotiations between labor and management are a little rocky right now. Negotiations are tense as employees move closer to a strike over pay and management says they are “proud of their offer” to the Teamsters and urge them to return to negotiations.

Come check out the Halftime Report today and we will break down all the market action!

META

META has been one of the strongest stocks in the market all year and breaking out of a nice pattern…again. This was one of the picks we had on the reports this weekend.

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