Stocks had a rough week, topped off with a pummeling Friday after the July jobs data came in weaker than expected. The Nasdaq led the way down, losing 3.35% on the week, followed by the Dow Jones Industrial's decline of 2.1%, and the S & P 500's 2.06% drop. It was a dramatic shift in sentiment that began Thursday. Until then, bad economic news was good news for the stock market, because it meant the Federal Reserve would start cutting interest rates sooner.
The fear is that the central bank, which has been criticized for waiting too long to raise rates, is now moving too slow to lower them. Before Friday's employment data, three quarter-percentage point cuts were expected this year, starting in September. Now the market odds that September might see a half-percentage point rate cut are rising.
Investors are expecting to see sequential pullbacks in all three major geographic regions . However, while a 3% year-over-year revenue decline is expected in Boston, we still want to see 2% growth in Vegas and consolidated growth of nearly 23% in Macau . Occupancy commentary is important given the prolonged weakness in China and signs of further slowing here in the U.S.