The likes of consumer resiliency based on the earliest readings on Black Friday sales and the degree to which the Artificial Intelligence theme continues support the idiosyncratic tendencies of the markets concentrated in the Magnificent 7.
The doves lined up last week guiding the S&P500 up 5.85%, marking the best week of performance for the year. A busy week of data began with the quarterly refunding announcement from the Treasury.
Last week was Super Bowl week for economists, with fresh guidance from the Fed, ECB, BoJ, as well as data releases on GDP and inflation. The economic data fireworks show was set against a busy week of earnings data, which acted as garnishes to the main course of economic data.
Economic reports and corporate data last week highlighted the cautious stance of corporations, contrasted against a resilient consumer, who continues to be propped up by strong demand in the labor market and increasing wages.