Merrill Lynch forecasts: “August nonfarm payrolls are likely to rise by 1.2mn and the unemployment rate should improve to 9.6%, falling back down to single digit territory.”

Due to reopening of schools in Florida and scheduling of Parent Open House scheduling, this week we are forced to forgo our weekly State of the Market video. Our weekly Research Report will be available Sunday morning, per usual. If you have any questions, feel free to message me at your convenience.

Breaking down Macy’s Q2 numbers:
-Loss per share: 81 cents vs. loss of $1.77, expected
-Revenue: $3.56 billion vs. $3.48 billion, expected
-Same-store sales: down 35.1% vs. decline of 28.2%, expected
-Online sales up 53%

Morgan Stanley: “While it’s no surprise banks have underperformed with 10 year yields so low, the magnitude of underperformance has been even worse than projected by the very powerful relationship. Using MS rates strategy team forecast for 10 year yields to be at 1.30% by June 2021 the change in y/y relative performance of banks would be d…[Read more]