By Brian Sozzi
It wouldn't be an appropriate start to a long holiday weekend on Wall Street without that last data release to leave you thinking. Today it was the turn of the personal income and spending report for April to try and re-inject some animal spirits back into risk assets. Let's face it, with a 10-year note yield nearing 3% and at its December low, it's obvious that fear has replaced overriding bullish sentiment. Unfortunately, today's deep dive into the income and spending data lends support to the chorus of newly minted bears, while sending the second half economic growth recovery bulls into a hot -tempered fit as they prepare to light their BBQs this weekend.
Key Areas of the Report:
Personal income: A 0.4% m/m growth in April, marked the third consecutive month of stagnation. Interestingly, the S&P 500 began to sell off upon the release of the
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