Weekly Market Commentary 07/22/2016

With the aftershocks of Brexit continuing to fade, the financial markets are once again focusing squarely on domestic fundamentals. While the data calendar was light this week, it did include new reports on housing and the labor market, which solidified perceptions that the economy delivered a solid performance in the second quarter. Indeed, there is every sign that the period ended with considerable momentum heading into the third quarter, something that seemed improbable a month or so ago when the job market stumbled and consumers were pulling in their horns.