August 23, 2017

As summer winds down, vacations come to a close, and kids head back to school, the calendar is relatively quiet in terms of major market events. Earnings season for corporate America—which was a good one—is behind us. No rate hike is expected at the next Federal Reserve policy meeting in September, and global monetary policy officials are unlikely to change course at their annual symposium in Wyoming on August 24. Key economic data for August is still a few weeks away. And while expectations are high for a strong back-to-school shopping season, there has been little to get excited about as performance of retail stocks has lagged.

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