Growth and technology-related stocks jumped in July, with investors now trying to discern what recessionary risks mean for their recent bear-market rally.
“People are flocking to tech based purely on where they anticipate Fed policy evolving between now and next year,” Danielle DiMartino Booth, chief executive of Quill Intelligence, told MarketWatch by phone late last week. “All you’re watching is herds in movement.” “I think we still have pretty tough sledding ahead of us,” he said. “The Fed is not removing inflation as their priority as Public Enemy No. 1 at this point.”
In a sign of weakness creeping into the U.S. economy, the Institute for Supply Management released data Monday showing that its barometer of American factories fell in July to 52.8%. While any number above 50% signals growth, that was the weakest reading for its Manufacturing PMI index since June 2020.The Institute for Supply Management report also showed signs of inflation pressures easing. Still, the cost of living, as measured by the consumer-price index, jumped to an annual rate of 9.
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