Headline News: The S&P 500 futures are up 95 points and are trading 1.7 % above fair value, the Nasdaq 100 futures are up 420 points and are trading 2.2% above fair value, and the Dow Jones Industrial Average futures are up 491 points and are trading 1.2% above fair value. Stock futures are in rally mode this morning after the major indices finished slightly lower following yesterday’s more pronounced Fed rate decrease. The early upside bias stems from a belief that the economy is headed for a soft landing scenario and that the Fed will cut rates as needed to ensure that outcome. Pre-open gains in the mega caps and chipmakers have also contributed to the upside bias. Weakening labor market data contributed to recent fears about growth prospects, which led to a sharp sell-off in stocks last month. So, participants will be focused on the 8:30 ET release of weekly jobless claims, which continue to run below recession-like levels. As expected, the Bank of England maintained its bank rate at 5.00%. The 10-year yield is up three basis points to 3.71%, and the 2-year yield is down two basis points to 3.58%. (Michael Gibbs, Managing Director, Lead Portfolio Manager)… Read More
Headline News: The S&P 500 futures are up three points and are trading 0.1% above fair value, the Nasdaq 100 futures are up 28 points and are trading 0.2% above fair value, and the Dow Jones Industrial Average futures are up 33 points and are trading 0.1% above fair value. Early trading has a positive bias ahead of this afternoon’s FOMC policy decision at 2:00 ET. The committee is expected to lower rates for the first time since March 2020. Pre-open gains in some mega-cap names have contributed to the upside action. Treasury yields are higher ahead of the September FOMC Statement. The 10-yr yield is three basis points higher at 3.67%, and the 2-yr yield is three basis points higher at 3.62%. The weekly MBA Mortgage Applications Index rose 14.2%, with refinance applications surging 24% and purchase applications jumping 5%. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 traded above the resistance level at 5,651.62, but the sellers came in, and the index closed at 5,634.58. Today’s trading should be muted until 2:00 P.M. when the Federal Reserve announces the direction of interest rates. We feel the market has priced in a .50 bps hike, and selling… Read More
If you’ve called the office since May, then I’m sure you have spoken to Anne Bleakley. Here she is with her son, Dub. Dub has had an amazing summer.
The U.S. economy created slightly fewer jobs than expected in August, reflecting a slowing labor market while also clearing the way for the Federal Reserve to lower interest rates later this month.
Nonfarm payrolls expanded by 142,000 during the month, down from 89,000 in July and below the 161,000 consensus forecast from Dow Jones, according to a report Friday from the Labor Department’s Bureau of Labor Statistics.
A quick look at Gainesville High School’s Night of Tradition! This celebration was brought to City Park to give Gainesville fans a first look at the newly renovated stadium and facilities.
Our very own John Lilly helped to organize the event and make this a fun night for all in attendance!
With the finishing touches being completed soon, the entire Gainesville community is excited to see the renovated stadium shine on opening night, September 20th against Lanier High School!
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 45 points and are trading 0.3% above fair value, and the Dow Jones Industrial Average futures are up 260 points and are trading 0.6% above fair value. There’s a positive bias in early action. After reporting earnings, a solid pre-open gain in a Dow component has boosted futures linked to Dow industrials. S&P 500 and Nasdaq 100 futures are also trading higher despite a pre-market decline in shares of a semiconductor company following its highly anticipated earnings report. Other mega-cap names are higher in early trading, contributing to the upside bias. Treasury yields are little changed. The 10-year note yield is down one basis point to 3.83%, and the 2-year note yield is down one basis point to 3.86%. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 closed within the current trading range for the seventh day after briefly trading below the 5,566.16 level. The RSI index turned lower, suggesting that there could be more short-term weakness ahead. Nvidia’s earnings report was poorly received, and the stock was lower in pre-market trading. However, the S&P… Read More
Headline News: The S&P 500 futures are down six points and are trading 0.1% below fair value, the Nasdaq 100 futures are down ten points and are trading 0.1% below fair value, and the Dow Jones Industrial Average futures are down 11 points and are trading 0.1% below fair value. Equity futures trade was flattish. The market still lacks major directional drivers ahead of a major semiconductor company’s earnings report tomorrow afternoon. Investors are also in vacation mode in front of Labor Day. Today’s economic lineup features the release of the August Consumer Confidence Index at 10:00 ET, along with the June FHFA Housing Price Index and June S&P Case-Shiller Home Price Index at 9:00 ET. The 10-yr note yield is up three basis points to 3.85% and the 2-yr note yield sits at 2.95%, which is two basis points higher than yesterday’s settlement. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The SP& 500 briefly traded above the resistance at 5,643.22, but the sellers came in, and the index closed at 5,616.84. So, this is the fifth day of trading in a base and inside the trading range, and we are hopeful the base will continue to build this… Read More
Headline News: The S&P 500 futures are up five points and are trading 0.1% above fair value, the NASDAQ 100 futures are up 18 points and are trading 0.1% above fair value, and the Dow Jones Industrial Average futures are down eight points and are trading fractionally below fair value. Contracts tied to the S&P 500, NASDAQ 100, and Dow industrials are flattish this morning after a big run in equity markets. The S&P 500 was 1.1% below its all-time high at yesterday’s close after flirting with correction territory earlier this month (i.e., a 10% decline from the recent high). Market participants are still in wait-and-see mode ahead of Wednesday’s release of benchmark revisions for nonfarm payrolls and the FOMC Minutes for the July 30-31 meeting. This will be followed by Fed Chair Powell’s speech on Friday at the Jackson Hole Economic Symposium. The 10-year note yield is unchanged at 3.87%, and the 2-year note yield is down two basis points to 4.05%. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 rallied once again, but the volume continues to be below average, suggesting the rally is not broad-based. The index closed at 5,608.25, and the RSI index… Read More
Headline News: The S&P 500 futures are up three points and trading 0.1% above fair value, the NASDAQ 100 futures are up 11 points and trading 0.1% above fair value, and the Dow Jones Industrial Average futures are down five points and trading fractionally below fair value. Stock futures are flattish ahead of a busy week. Earnings reporting picks up steam, especially in the retail and tech spaces, and Fed Chair Powell will speak in Jackson Hole. On Wednesday, the market will receive the Minutes from the July 30-31 FOMC meeting. The 10-year note yield is down two basis points to 3.87%, and the 2-year note yield is down one basis point to 4.05%. Today’s economic data is limited to the July Leading Indicators Index at 10:00 ET. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 rallied for the fourth day, closing at 5,554.25, and we are hopeful a new base to consolidate gains has started. The RSI index is solidly above the 50 level, but the internal indicators are now back in the overbought zone. So, the current potential resistance at 5,566.16 should be challenging to take out this week unless there is a new catalyst… Read More
Headline News: The S&P 500 futures are down nine and are trading 0.2% below fair value, the NASDAQ 100 futures are down 28 points and are trading 0.1% below fair value, and the Dow Jones Industrial Average futures are down 43 points and are trading 0.1% below fair value. Early trading has a slightly negative bias, but stock futures are mostly flat. The major indices are sitting on solid gains for the week heading into the session. Participants receive more market-moving data today: July Housing Starts and Building Permits at 8:30 ET, followed by the preliminary August University of Michigan Consumer Sentiment survey at 10:00 ET. Treasury yields are lower in front of the reports. The 10-yr note yield is down six basis points to 3.87%, and the 2-yr note yield is down six basis points to 4.04%. Elsewhere, commodity futures are trading lower. WTI crude oil futures are down 2.7% to $74.90/bbl, natural gas futures are down 1.3% to $2.17/mmbtu, and copper futures are down 0.9% to $4.11/lbs. (Michael Gibbs, Managing Director, Lead Portfolio Manager) Markets: The S&P 500 rallied for the third day and closed substantially higher at 5,543.22. The close was also above the resistance level at… Read More
