In what is being labeled this busiest week of the summer, we have a jam-packed event week facing us as traders. 48% of the S&P 500’s market cap is reporting this week along with three of the Mag 7 in Microsoft, Alphabet and Meta. While the Mag 7 will get a lot of the attention make no mistake that we are getting major companies from nearly every sector reporting this week.

It is not just earnings that will get the attention this week as we have central banks from around the world meeting this week. The Fed will release their decision on Wednesday afternoon, The ECB (Europe’s Central Bank) on Thursday morning and the Bank of Japan on Friday.

If that was not enough to entertain and keep you busy, we have the GDP report on Thursday, inflationary data in the United States and Europe coming in on Friday and global economic PMI data coming in today! There was clear evidence of rotation last week and that is continuing this morning in early trading as cyclical sectors such as finance and energy are leading the charge. Solid economic data could help fuel this rotation as other areas of the market look to play some catch up to Mag 7 and the hot growth sectors of 2023.

We will continue to break down all of the action on the Halftime Report this week in what may well indeed be the busiest trading week of the summer. This is certainly a week that you want to tune in!!!

Chart of the Day: Energy Sector (XLE)

When a trader notices rotation they naturally look to where money is rotating to. With cyclicals leading the charge last week it is not surprising to see that continue on a Monday. Energy has a nice breakout of the 200-day moving average occurring at the start of the week.

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