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Today's market
July 10, 2023 at 1:15 p.m. ET
Michael P. Reinking, CFA
Sr. Market Strategist
Last week equity markets pulled back modestly as yields moved higher primarily in response to a very strong ADP jobs report on Thursday. However, Friday’s BLS Employment report missed expectations along with sizable negative revisions to the previous two months of data which did seem to help yields come off the boil. Equities tried to rally early on Friday but drifted lower in the back half of the session with the S&P 500 closing right around 4k and just above its 20d moving average.
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