Markets struggled to gain traction to start the week as traders are awaiting the flood of jobs data and Fed speak. Jerome Powell is speaking twice during the week and is expected to hold the line on his recent no rush to cut message. However, if we get much cooler labor market data, it would reinforce market bets for a cut in the Summer.

The S&P 500 is still hovering above 5,100 as the gauge saw its 16th weekly gain in the last 18 - something that hasn't happened since 1971. Forecasters are divided. Marko Kolanovic at JP Morgan believes there is froth in the market and argues that this might keep monetary policy higher for longer, as premature rate-cutting risks further inflating asset prices or causing another leg up in inflation. Chris Senyek at Wolfe Research argues the market is likely to push higher until economic data signals a significant slowdown ahead or inflation looks sticky enough to keep the Fed from cutting rates deeply and quickly.

Newton scores are strong out of Large Cap equities. As rates have climbed from the beginning of the year, fixed income remains weak. Beneath the surface, Industrials, Financials, and Consumer Defensive are on top. Real Estate is currently lagging the most.