Headline News: The S&P 500 futures are down 9 points and are trading 0.2% below fair value. The NASDAQ 100 futures are down 39 points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are down 69 points and are trading 0.2% below fair value. Equity futures indicate a lower open after the 10-year note yield crossed 5.0% for the first time since 2007 overnight. It has since declined to 4.93%. The 2-yr note yield is down three basis points to 5.14%. Geopolitical uncertainty remains top of mind for investors. In a speech last night, President Biden, citing national security interests, made the case for more aid for Israel and Ukraine. Reports suggest he will ask Congress for approximately $100 billion in emergency aid. The business of Congress, however, remains stymied by the House’s inability to elect a new Speaker. The geopolitical uncertainty, particularly the Israel-Hamas conflict, has contributed to risk aversion ahead of the weekend. The People’s Bank of China left its one- and five-year loan prime rates at their respective 3.45% and 4.20%, as expected. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 sold off sharply, closing at 4278, and had… Read More
Now the question we are getting is: when will this bear market end? Some pundits have suggested that the following events may act as the catalysts that mark the end of the downdraft: The mid-terms, when Republicans take a majority in Congress, when the Federal Reserve stops raising rates and inflation subsides, after we experience our next recession, and so on. In our experience, the “bottom is in” when buyers return: Brilliant, right? Investors have to glean that low prices justify taking the risk to achieve a higher return in the future. Again brilliant, right? Then there’s an old Wall Street adage: “Buy at the wake, Sell at the wedding”; are we hearing the bagpipe dirge yet? I don’t hear them yet, but a few pipers are beginning to paradiddle. For example, according to the Wall Street Journal, day traders have all but disappeared. Crypto and most of the meme stocks are now unpopular and trodden. Measuring the percentage of all Operating Company Stocks* 30% or more below their yearly highs helps us understand the depth of bear markets. This statistic recently reached 57%. The last two times this statistic surpassed 60% were in 2020 during the pandemic and 2009… Read More
Headline News: The S&P 500 futures are down 18 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 90 points and are trading 0.6% below fair value. The Dow Jones Industrial Average futures are down 69 points and are trading 0.2% below fair value. Stocks futures indicate a lower open as participants digest another batch of earnings news that featured better than expected results from a Dow and a Q4 profit warning from a major airline. Geopolitical angst, however, appears to be at the heart of today’s weakness after the summit between President Biden and Arab leaders was called off following the Gaza hospital bombing yesterday. WTI crude oil futures are up 2.3% to $88.69/bbl while Brent crude futures are up 2.2% to $91.86/bbl. The 2-yr note yield is down two basis points to 5.18% and the 10-yr note yield is down four basis points to 4.81%. China’s Q3 GDP grew by 4.9% versus an expected 4.4%. Industrial production and retail sales were both better than expected in September. The U.S. economic calendar features September housing starts and building permits at 8:30 a.m. ET. Separately, the House will hold another vote for Speaker today at… Read More
Taxes happen to be one of the largest expenses in retirement and taxes can increase once you start to take your required minimum distribution (RMD). As most of you know, you have the option to distribute your RMD or up to $100,000 to qualified charities without paying the income taxes on the distribution. A qualified charity is an organization that qualifies for tax-exempt status which are typically non-profit organizations including churches, schools, and government entities.
Headline News: The S&P 500 futures are up 14 points and are trading 0.4% above fair value. The NASDAQ 100 futures are up 21 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 158 points and are trading 0.5% above fair value. Equity futures are positive, reflecting some relief that the weekend did not produce a widening of the Israel-Hamas conflict. A potential escalation is still top of mind for participants, though, as Israel prepares to invade Gaza in a few days with tens of thousands of soldiers, according to The New York Times. Iran’s foreign minister, Hossein Amirabdollahian warned Israel that Hezbollah might join the conflict and that it could suffer a “large earthquake” if it doesn’t stop its attacks on Gaza, according to ABC News. WTI crude oil futures are down 0.2% to $87.54/bbl, and Brent Crude futures are down 0.3% to $90.60/bbl. The 2-yr note yield is up one basis point to 5.06%, and the 10-yr note yield is up six basis points to 4.69%. Separately, the People’s Bank of China injected liquidity through the medium-term lending facility in a bid to support economic growth but left the medium-term lending… 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 Vanderbilt Commodores. Go Dawgs!
Here is Carlos’ beautiful wife Pattie holding their cat, Bella who found them.
Headline News: The S&P 500 futures are up 17 points and are trading 0.4% above fair value. The NASDAQ 100 futures are up 57 points and are trading 0.3% fair value. The Dow Jones Industrial Average futures are up 126 points and are trading 0.4% above fair value. Equity futures indicate a higher open as participants wait on the September Consumer Price Index at 8:30 a.m. ET. Treasury yields are lower currently, but investors will be focused on how rates react to the data. The 2-yr note yield is down one basis point to 4.99% and the 10-yr note yield is down three basis points to 4.56%. Israel said that the siege of Gaza will not end until all the hostages have been released, according to Reuters. Rep. Steve Scalise (R-LA) prevailed in the GOP conference vote, but House Republicans have doubts on whether Rep. Steve Scalise (R-LA) has enough votes to get elected Speaker, according to Politico. He needs 217 votes to win the Speaker position. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 rallied for a fourth day, closing at 4376.95, and is now well beyond the 20-day moving average at 4339.88. The September consumer… Read More
These years are said to be some of the best years as you are enjoying your time with family and have either retired or are winding down. Hopefully you have started some new hobbies and are enjoying family time and some new friendships. Now that you are retired, and have saved your money, there are different financial items to review and prepare.
Headline News: The S&P 500 futures are flat and are trading in line with fair value. The NASDAQ 100 futures are down 2 points and are trading roughly in line with fair value. The Dow Jones Industrial Average futures are up 29 points and are trading 0.1% above fair value. The stock market is poised for a higher open following yesterday’s afternoon rally. A drop in market rates has contributed to the positive bias despite ongoing geopolitical uncertainty around the situation in Israel and Gaza. The 2-yr note yield is down six basis points to 5.00%, and the 10-yr note yield is down eight basis points to 4.70%. WTI crude oil futures are down 0.6% to $85.95/bbl after climbing 4.0% yesterday. In other news, the IMF lowered its 2024 global growth outlook to 2.9% from 3.0%. China’s troubled property developer Country Garden missed another bond payment and warned of liquidity pressures, stoking concerns that it may end up announcing a restructuring of its offshore debt, according to Reuters. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 rallied sharply past resistance at 4355.31 and closed higher at 4335.66, while the RSI also closed much higher at 47.26 in… Read More
