About this episode

US equities finished lower with a shift from momentum to cyclicals and defensive sectors, while June retail sales showed modest growth.

US equities finished lower in Thursday trading, near session lows. Thursday saw another rotation out of momentum and into select cyclicals and more defensive pockets of the market. In macro news, headline June retail sales are up 0.2% month over month, in line with consensus but below May's upwardly revised 1.0%.

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