Divergence in asset class performance last week, US equities rallied to new highs. Bonds, REITs and international stocks all declined.
While big cap stocks made headlines with new highs last week, small and mid-cap stocks declined. Healthcare stocks continue to struggle in 2019, declining 1.4%.
China’s economic growth at its slowest in 27 years on trade tensions and lack of investment.
Crude oil rose almost 5% during the week, pushing broad commodity indices higher. Prices for long maturity Treasuries declined more than 1%.

US equities lead all asset classes. Earnings season picks up this week. Analysts expect Q2 to bring a 2.6% decline in yr over yr eps for the S&P 500.
In a positive development for breadth, mid cap stocks are beginning to catch up with large cap stocks. Small caps continue to lag, as well as Healthcare sector stocks.
Conservatives in Greece win national election in landslide on promises to cut taxes and red tape. Greece leads all ytd country returns.
Powell semi-annual testimony on monetary policy on Wed & Thur. Friday’s jobs report complicates picture of Fed easing. Mkt pricing in a July rate cut, but that’s it.