Headline News: The S&P 500 futures are up 8 points and are trading 0.1% above fair value. The NASDAQ 100 futures are up 3 points and are trading in line with fair value. The Dow Jones Industrial Average futures are up 71 points and are trading 0.2% above fair value. There is not a lot of conviction again this morning as participants digest a big batch of earnings and the notion that the market is due for a consolidation period following its extended winning streak. The 2-yr note yield is up two basis points to 4.95%, and the 10-yr note yield is up three basis points to 4.55%. On a related note, there is a $24 billion 30-year bond auction today. Results will be released at 1:00 p.m. ET. China’s CPI decreased 0.2% year-over-year in October, and PPI was down 2.6% year-over-year. WTI crude oil futures are up 1.0% to $76.06/bbl. In other news, the TV/Theatrical Negotiating Committee voted unanimously to approve a tentative agreement with the AMPTP, ending the strike. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 tested the 50-day moving average at 434.3.46 and failed on Wednesday. However, the S&P 500 finished higher, which… Read More
Headline News: The S&P 500 futures are up 3 points and are trading roughly in line with fair value. The NASDAQ 100 futures are up 3 points and are trading in line with fair value. The Dow Jones Industrial Average futures are up 37 points and are trading 0.1% above fair value. Equity futures point to a flattish open for the major indices. There is not a lot of conviction from buyers or sellers this morning as investors wait to see if the rally will continue. The S&P 500 has logged a gain in seven consecutive sessions, while the NASDAQ’s winning streak is running at eight sessions. Treasuries are little changed from yesterday’s settlement levels. The 10-yr note yield is up one basis point to 4.58%, and the 2-yr note yield is up two basis points to 4.94%. On a related note, there is a $40 billion 10-yr note auction today. Results will be released at 1:00 p.m. ET. The weekly MBA Mortgage Applications Index jumped 2.5% after a 2.1% decline last week. Purchase applications climbed 3.0%, and refinance applications increased 2.0% from last week. Other economic data today includes: (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P… Read More
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. Headline News: The S&P 500 futures are down 9 points and are trading 0.3% below fair value. The NASDAQ 100 futures are down 6 points and are trading fractionally below fair value. The Dow Jones Industrial Average futures are down 86 points and are trading 0.2% below fair value. The stock market is poised for a lower open, driven by normal selling activity after big gains last week. The 10-year note yield is down four basis points to 4.62%, and the 2-year note yield is unchanged from yesterday at 4.94%. Minneapolis Fed President Kashkari (FOMC voter) said in an interview that he is not convinced rate hikes are over, according to The Wall Street Journal. The Reserve Bank of Australia raised its cash rate by 25 bps to 4.35%, as expected, and also changed some of the language in its policy statement, fueling speculation that additional hikes are not being planned at this time. China reported a smaller-than-expected $56.53 billion October trade surplus (expected surplus of $82.00 bln; last surplus of $77.71 bln). Imports jumped by a much better than expected 3.0% year-over-year (expected -4.8%), and exports sank -6.4% year-over-year versus an expected -3.3% decline. (Michael Gibbs, Managing Director, Lead… Read More
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
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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!
