Summer of Chop
August 8, 2023 Good morning, A wet blanket was thrown onto Asian and European stock prices overnight as trade data in China confirmed the country is mired in a downturn that it is finding increasingly difficult to shake. S&P Futures are off -.80% pre-market. The S&P 500 Index was up +.90% yesterday – welcome to […]
Big Earnings
August 3, 2023 Good morning, Stocks fell and longer-term bond yields rose yesterday following a hot jobs data report (ADP) and the Treasury announcing it will ramp up its debt issuance – both before the market open. Another factor in yesterday’s selloff came from Fitch, the ratings agency. As they hinted at earlier this year, […]
August: Much Ado About Nothing?
August 1, 2023 Good morning, Welcome to August and a fond farewell to July, the fifth straight “up” month for the S&P 500 Index. Will August make it six? Perhaps, though any gain or loss for the month is likely to be modest. The distinguishing factor about August is most likely going to be volatility. […]
56 Quiet Day Ahead?
July 27, 2023 Goog morning, As widely expected, the FOMC raised the target for the fed funds rate by 25 bp to a range of 5.25% to 5.50%, the highest since March 2001. The Fed has raised rates a total of 525 bps since March 2022, making it the fastest hiking cycle ever. The Fed […]
I Doubt The Fed Blinks
July 25, 2023 Good morning, Markets have been preoccupied with the Fed since the beginning of its tightening cycle 16 months ago. It is no surprise then, that despite the beginning of earnings season, the S&P 500 Index has seen little change (<1%) since the Fed’s quiet period began over a week ago. Their quiet […]