Headline News: The S&P 500 futures are down 4 points and are trading 0.1% below fair value. The Nasdaq 100 futures are down 34 points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are up 1 point and are trading roughly in line with fair value. Stock futures indicate a mostly lower open following big gains of late. Coming into today, the S&P 500 is up 5.2% from last Friday’s low. A pre-open loss in major tech name, in response to its weak fiscal Q1 revenue outlook, has helped keep the broader market in check. Market participants are also waiting on the October Employment Situation report, which will be released at 8:30 a.m. ET, and the ISM Non-Manufacturing Index, which will be released at 10:00 a.m. ET. China’s Caixin Services PMI showed a slight acceleration in activity to 50.4 from 50.2 but was still a bit weaker than expected. The 2-yr note yield is up one basis point to 4.99%, and the 10-yr note yield is up one basis point to 4.65%. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 rallied for the fourth, up 1.89%, day and closed above the 20-day… Read More
Headline News: The S&P 500 futures are down 16 points and are trading 0.4% below fair value. The NASDAQ 100 futures are down 66 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 111 points and are trading 0.3% below fair value. Stock futures indicate a lower open on the heels of solid gains to start the week. Buyers are showing some hesitation in front of the Treasury’s quarterly refunding announcement at 8:30 a.m. ET, an impending batch of economic news that includes the October ISM Manufacturing Index, the FOMC decision at 2:00 p.m. ET, and Fed Chair Powell’s press conference at 2:30 p.m. ET. The 10-yr note yield is up two basis points to 4.90%, and the 2-yr note yield is down one basis point to 5.07%. China’s Caixin Manufacturing PMI returned to contraction after two months of expansion. The weekly MBA Mortgage Applications Index declined 2.1% after last week’s 1.0% decline. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 rallied for the second day, closing higher at 4193.80. The RSI index also increased to support the rally, closing at 40.45 after failing to make a lower low. Today’s… Read More
We are excited to introduce our new Strategic Partner, Dr. Chris Turpin, a college preparation coach. He helps students select the best college for their future, assists students in obtaining scholarships, all the while boosting their college resumes, as well.
Headline News: The S&P 500 futures are up 10 points and are trading 0.2% above fair value. The NASDAQ 100 futures are up 17 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are up 59 points and are trading 0.2% above fair value. Equity futures indicate a higher open, building on yesterday’s gains following another heavy batch of earnings that was met with mixed reactions. A drop in Treasury yields has contributed to the positive bias. The 2-yr note yield is down three basis points to 5.02%, and the 10-yr note yield is down six basis points to 4.82%. The Bank of Japan announced it will now use the 1.00% level in the 10-year JGB as a reference point rather than a limit while making no headline changes to its policy stance. This approach has been viewed as less hawkish than feared, which has tempered some concerns about an unwinding of carry trades. China’s PMIs were relatively disappointing, while the eurozone’s flash GDP for Q3 showed a slight contraction against expectations. Notable data for the U.S. today includes the Employment Cost Index for Q3 at 8:30 a.m. ET and Consumer Confidence Index at 10:00… Read More
Headline News: The S&P 500 futures are up 25 points and are trading 0.7% above fair value. The NASDAQ 100 futures are up 102 points and are trading 0.8% above fair value. The Dow Jones Industrial Average futures are up 187 points and are trading 0.5% above fair value. The stock market is poised for a higher open, attempting to bounce after the S&P 500 entered correction territory with Friday’s close. This week’s calendar features another heavy batch of earnings, including Apple’s report after Thursday’s close, the FOMC decision on Wednesday, policy meetings from the BOJ and BOE, the Treasury’s quarterly refunding announcement, and the October ISM and employment reports. Israeli forces entered the Gaza Strip, beginning “the second stage of the war.” Prime Minister Benjamin Netanyahu warned Israelis to expect a “long and difficult” war, according to The New York Times. Treasury yields are showing a little agitation ahead of the refunding estimates. The 2-yr note yield is up one basis point to 5.03%, and the 10-yr note yield is up four basis points to 4.89%. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 traded down to support at 4103.98 and then had a slight rally… Read More
Welcome to Lilly’s Counseling Session, where UGA alumni and Dawgs superfans John Lilly and Deven Patel preview this week’s game against the Florida Gators. Go Dawgs!
Headline News: The U.S. economy grew even faster than expected in the third quarter, buoyed by a strong consumer in spite of higher interest rates, ongoing inflation pressures, and a variety of other domestic and global headwinds. Gross domestic product, a measure of all goods and services produced in the U.S., rose at a 4.9% annualized pace in the July-through-September period, up from the 2.1% pace in the second quarter. Economists surveyed by Dow Jones had been looking for a 4.7% acceleration. The sharp increase came due to contributions from consumer spending, increased inventories, exports, residential investment, and government spending. (Jeff Cox CNBC) Markets: The S&P 500 made a new low on Wednesday, closing at 4186.77. So, the threat of a new downtrend is now back in place. The RSI index did not make a new low, which is the only positive sign for the market now. The selling was intense, with 2,619,896,576 shares traded, and 77% of that was downside volume. So far this morning, the impressive Q3 GDP report has not brought buyers into pre-market trading, so the potential support at 4166.15 could be tested early in today’s trading. We are currently Intermediate-term bullish and short-term bearish. … Read More
Headline News: The S&P 500 futures are down 10 points and are trading 0.2% below fair value. The NASDAQ 100 futures are down 69 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are up 84 points and are trading 0.2% above fair value. Earnings results since yesterday’s close have garnered mixed reactions, setting the major indices up for a mixed open. The 2-yr note yield is down one basis point to 5.09%, and the 10-yr note yield is up two basis points to 4.86%. Republicans nominate Mike Johnson (R-LA) for Speaker. Republicans are planning full floor vote today at 12:00 ET. He appears close to getting enough votes to get elected, according to The New York Times. The weekly MBA Mortgage Applications Index fell 1.0% following last week’s 6.9% decline. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 rallied again, closing higher at 4247.68 and above the critical 200-day moving average at 4236.94. The RSI index also moved higher and has now made a higher low, while the S&P 500 made a lower low. This is a significant development that could see more buyers come in at this level. However, the… Read More
Headline News: The S&P 500 futures are up 20 points and are trading 0.6% above fair value. The NASDAQ 100 futures are up 74 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up 132 points and are trading 0.5% above fair value. Stock futures are up nicely this morning following five straight losing sessions for the S&P 500, which have left it below its 200-day moving average (4,236). That price action has fostered expectations for a rebound effort. The 10-yr note yield is up two basis points to 4.86%, and the 2-yr note yield is up two basis points to 5.08%. There will be a $51 billion 2-yr note auction today. Results will be released at 1:00 p.m. ET. Flash October Manufacturing and Services PMI readings from France, Germany, and the U.K. remained in contractionary territory, reflecting a continuation of weak activity in the region. U.S. economic data today is limited to the preliminary October S&P Global US Manufacturing PMI and Services PMI at 9:45 a.m. ET. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 traded in a wide range but only managed to close marginally higher at 4217.04. The… Read More
Headline News: The S&P 500 futures are down 21 points and are trading 0.4% below fair value. The NASDAQ 100 futures are down 75 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 183 points and are trading 0.4% below fair value. Stock futures indicate a lower open after the S&P 500 closed below its 200-day moving average on Friday. Action in the Treasury market is keeping the stock market in check after the 10-year yield passed 5.00% again. It is currently up seven basis points from Friday’s settlement at 4.99%. The 2-year note yield is up three basis points to 5.11%. Relatively weak mega caps in pre-open trading are having a disproportionate influence on the broader market. On a related note, earnings reporting season picks up this week, highlighted by some mega-cap tech companies. Rising geopolitical tensions in the Middle East are another limiting factor this morning. Israel is stepping up its airstrikes against Hamas; meanwhile, Israel’s military is contending with increasing attacks from Hezbollah, which is based in Lebanon, according to The New York Times, indicating an increased potential for a wider regional conflict. The House of Representatives is still without… Read More
