Welcome with us on the market.

I'm Mike Wilson, chief investment officer and chief US equity strategist for Morgan Stanley.

A lot of my colleagues bringing you a variety of perspectives, I'll be talking about the latest

trends in the financial marketplace.

It's Wednesday, July 7th at 10 a.m. in New York, so let's get after it.

After a massive heat wave last week, the 4th of July holiday brought much cooler temperatures

and a lot of rain to the northeastern part of the United States.

Our works were postponed or canceled in some cases, but the spirit of the day persevered.

America was back after a long battle with COVID-19.

Robert Hughes without masks, hugging an open-handed high fives were commonplace at the events

I attended over the weekend.

Baseball stadiums are full again, too, making America's pastime a heck of a lot more

fun for the fans and the players.

If the past year taught us anything, it said life can be taken for granted.

Based on all the traffic and activity over the weekend, it looks like people are making

up for the last year and maybe even the years prior to COVID.

While that's nice to see, there is a question of capacity to meet this sudden surge in activity.

This is not a new topic for us, but the bottlenecks are becoming more acute in some areas.

Gasoline prices north of $4 a gallon and help wanted signs popping up are just two examples

of where we are starting to feel the pinch.

Last week's employment report further illustrated some of these bottlenecks in the labor market.

First, the headline number of 850,000 new jobs was better than expected.

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