Headline News: Prices consumers pay for a wide variety of goods and services rose more than expected in September as inflation pressures continued to weigh on the U.S. economy. The consumer price index for the month increased 0.4% for the month, more than the 0.3% Dow Jones estimate, according to the Bureau of Labor Statistics. On a 12-month basis, so-called headline inflation was up 8.2%, off its peak around 9% in June but still hovering near the highest levels since the early 1980s. Excluding volatile food and energy prices, core CPI accelerated 0.6% against the Dow Jones estimate for a 0.4% increase. Core inflation was up 6.6% from a year ago. (Jeff Cox CNBC) Markets: The S&P 500 closed lower at 3577.03 and is also set for a sharply lower open today. The release of the September CPI report has the S&P 500 futures lower by 1.70% with a suggested open of 3527.50. If that holds, the index will be below the lower of the year,3568.45 9/30/2022, and make the next potential support level at 339.52. RSI remains divergent from the S&P 500, and the index could possibly be lower for six days in a row after today. That could… Read More
Headline News: The S&P 500 futures are up 24 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 94 points and are trading 0.9% above fair value. The Dow Jones Industrial Average futures are up 140 points and are trading 0.4% above fair value. Equity futures are showing some strength this morning. There appears to be a willingness to defend the 3,600 level for the S&P 500 after dropping below that level yesterday. Also, better-than-expected earnings and guidance from PepsiCo are helping investor sentiment. Market participants continue to play a waiting game ahead of the September PPI report at 8:30 a.m. ET this morning and the FOMC Minutes from the September meeting at 2:00 p.m. ET. President Biden says there is a chance of a “slight recession,” but he doesn’t think it will happen. He said there will be “consequences” for Saudi Arabia related to the OPEC decision, according to CNN. There is some speculation that British Prime Minister Truss will scrap some elements of her government’s budget, and the FT reported that the Bank of England signaled a willingness to extend its emergency bond-buying scheme past Friday, but a follow-up report noted that the… Read More
Headline News: The S&P 500 futures are down 19 points and are trading 0.5% below fair value. The Nasdaq 100 futures are down 64 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 123 points and are trading 0.3% below fair value. Equity futures indicate a lower open as market participants play a waiting game ahead of the FOMC Minutes for the September meeting and key PPI and CPI reports later this week. Participants are also responding to news of the Bank of England intervening again to support the Gilt market. Today the BoE said it will buy index-linked gilts to mitigate dysfunction in the market and “fire sale” dynamics. The U.K.’s Pension and Lifetime Savings Association called on the Bank of England to continue its emergency Gilt buying program until at least the end of the month. GBP/USD +0.3% to 1.1087. New restrictions were announced in Chinese cities amid rising COVID cases. President Biden and G7 leaders are set to hold a virtual meeting today to discuss continued support of Ukraine, according to Reuters. The 10-yr Treasury note yield, which reached 4.00% overnight, is up four basis points to 3.93%. The 2-yr… Read More
Headline News: The S&P 500 futures are down 34 points and are trading 0.9% below fair value. The Nasdaq 100 futures are down 100 points and are trading 0.9% below fair value. The Dow Jones Industrial Average futures are down 287 points and are trading 0.9% below fair value. Equity futures are weaker this morning after the big rally in recent sessions. There’s a feeling that the market got ahead of itself with the rebound effort and with thinking that the Fed would soften its approach soon. The Reserve Bank of New Zealand raised its official cash rate by 50 basis points to 3.50%, as expected, and there was some debate about a 75 basis point hike. This move follows on the heels of yesterday’s decision by the Reserve Bank of Australia to raise its cash rate by only 25 basis points to 2.60%. Today’s OPEC+ meeting is a focal point for market participants. The expectation is that OPEC+ will announce a production cut of 1.5 million barrels per day, according to The Wall Street Journal. Oil prices were on a tear in recent sessions but came well off their highs this morning. WTI crude oil futures, at $87.28/bbl a… Read More
Headline News: The S&P 500 futures are up 61 points and are trading 1.7% above fair value. The Nasdaq 100 futures are up 228 points and are trading 2.1% above fair value. The Dow Jones Industrial Average futures are up 378 points and are trading 1.3% above fair value. Equity futures are up sharply this morning as market participants look to build on yesterday’s gains, aided by contrarian-minded thinking that stems from an awareness that sentiment readings denote extremely bearish views. There’s also growing excitement in the market about the Fed potentially slowing the pace of its rate hikes and potentially nearing the end of its rate hike cycle. That excitement has been stoked by the Reserve Bank of Australia (RBA), which raised its cash rate by only 25 basis points, instead of the 50 basis points expected, to 2.60%. The decision was tied to a recognition that the cash rate has increased substantially in a short period of time and a desire among RBA officials to see how the prior rate increases are affecting the outlook for inflation and economic growth. The US dollar has weakened in the wake of the RBA move. The U.S. Dollar Index is down… Read More
Headline News: The S&P 500 futures are up 18 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 25 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are up 171 points and are trading 0.7% above fair value. Equity futures indicate a higher open to start the new month following Friday’s retreat. There are some mixed macro headlines in play this morning for market participants to digest. The UK’s Finance Minister Kwarteng said the plan to cut taxes for high earners is going to be abandoned. That news provided some support for the pound (GBP/USD +0.3% to 1.1205) and the UK government bond market, which is also contending with S&P revising its outlook to negative on rising fiscal risks. Final September manufacturing PMI readings saw downward revisions from the preliminary estimates for the eurozone, Germany, the UK, and France. Trading was light in Asia, with China closed this week for a holiday. South Korea was also closed today for a holiday. Japan’s finance minister talked about intervening again to support the yen if necessary. OPEC+ is reportedly considering a production cut of over 1 million barrels per day at… Read More
Windsor Wealth is proud to say congratulations to Caroline Reisman for her senior night for Gainesville High Scholl volleyball. The opposing school’s announcer will no longer have to struggle with her last name and call her “Reesman” by mistake.
Windsor Wealth is proud to congratulate Kerrigan Gruhn on her senior volleyball year for being named the ITG Next Georgia Female Athlete of the month!
Windsor Wealth is proud to say congratulations to John Jessup! The new Cross Country Champion of Hall County!
Headline News: The S&P 500 futures are up 3 points and are trading .08 % above fair value. The Nasdaq 100 futures are up 9 points and are trading roughly in line with fair value. The Dow Jones Industrial Average futures are down 6 points and are trading slightly below fair value. Equity futures are mixed ahead of the latest inflation reading this morning, the August PCE Price Index, out at 8:30 a.m. ET. A slight drop in Treasury yields is providing a modicum of support. The 10-yr note yield is down six basis points to 3.69%, and the 2-yr note yield is down two basis points to 4.15%. Global recession/inflation worries are in play this morning after the Eurozone CPI showed a record 10.0% increase year-over-year in September versus 9.1% in August. The latest reading is solidifying expectations that the ECB will raise rates by 75 basis points at its October meeting. The Reserve Bank of India voted 5-to-1 to raise its repo rate by 50 basis points to 5.90%, as expected. In other central bank news, San Francisco Fed President Daly (non FOMC voter) said that the Fed needs to slow the U.S. economy to bring down inflation… Read More
