Global equities found a sharp risk-on rally as rounds of economic data from China and the United States positively spurred investor sentiment. After a marked improvement in China’s PMI data, the U.S. released both monthly retail sales and ISM manufacturing data. Before getting into the U.S. data, let’s briefly take a look at how China’s…
Everyone and I do mean everyone has their eyes, ears and whatever other body part tuned into the bond yield curve (YC). The following intraday chart identifies the movement of the S&P 500 (SPX) and 10-yr. Treasury yield (TNX) for March 27, 2019. (Blue = SPX, pink = TNX) With the near dated end of…
Some lackluster days in the equity markets, roiled to some degree by concerns over the bond yield curve inverting (3-month/10-year), found investor appetite once again. Equity markets surged on Tuesday, with the benchmark S&P 500 leading its peer indices higher and with a gain of .72% on the trading day. It was an uneven day-trade…
After a bond market panic that pervaded equity markets on Friday, the rather flat performance for U.S. equity markets on Monday was a welcome site to many on Wall Street. The Dow Jones Industrial Average (DJIA) finished slightly higher on Monday while the S&P 500 (SPX) and Nasdaq (NDX) finished slightly lower on the day. …
It’s not for a lack of effort, but the S&P 500 has only been up on 1 of the 9 FOMC days during Powell’s rein over the Committee. Initially, and traditionally some might say, the market responded positively to the sharply dovish move announced by the FOMC on Wednesday…then it completely reversed course and the…
It’s that time again, FOMC rate hike announcement day. While there is almost no probability of a rate hike today, the more consequential press conference and dot plot will likely sway investors’ sentiment. With Jerome Powell at the helm of the FOMC and having chaired the committee of Federal Reserve Presidents over the last 8…
After 5 consecutive days of declining markets, the major averages fought back with the strongest breadth since January 4th. The Nasdaq (NDX) led the indices with a 2% rally and the S&P 500 (SPX) followed with a rally of nearly 1.5 percent. The Dow Jones Industrial Average (DJIA) lagged its peers with a .79% rally,…
Last week, the Q2 2018 reporting cycle kicked-off with some of the big banks reporting quarterly results. JP Morgan Chase (JPM), Wells Fargo (WFC) and PNC Financial reported results. JP Morgan’s report was quite strong, but failed to find the stock gain any traction with the entire sector falling once again. We now have Q2 results from 4…...
We heard from one Federal Reserve President today, whom offered a cautionary statement to markets. The Federal Reserve may have to “press harder on the brakes” at some point over the next few years, increasing the risk of a hard landing for the economy, New York Fed President William Dudley said Thursday. It should be…
