Markit Manufacturing PMI Falls To 118 Month Low
Markit Manufacturing PMI - Existing Home Sales Before getting into Markit Manufacturing PMI, let's review homes sales. June existing home sales missed estimates. But stayed near its recent range. Sales were revised higher from 5.34 million to 5.36 million in May. In June sales fell back to 5.27 million which missed estimates for 5.32 million.…
DOJ Opens Antitrust Investigation Into ‘Market Leading Online Platforms’
DOJ Opens Antitrust Investigation - Another Rally On Trade DOJ Opens Antitrust Investigation - as the market experiences yet another rally. The perfect scenario is playing out for stocks. Earnings season has been solid. Fed is going to cut rates. And America is working towards a trade deal with China. On Tuesday, S&P 500 increased…
Richmond Fed Manufacturing Index - Big Crash
Richmond Fed Manufacturing Index - The Week Heading Into The First Rate Cut Before getting into Richmond Fed Manufacturing Index - let's review the current market conditions. Stocks are heading into a historically positive period. Although, there isn’t much data to go by. As you can see from the chart below, in the week prior…
Stocks Choppy Before The 2020 Election? Maybe.
Stocks Choppy - Present Day Has Nice Monday Rally Stocks Choppy might be the case before the 2020 election. For now stocks are enjoying a nice rally. There wasn’t much news on Monday as most earnings reports are later in the week. Chicago Fed index was the only macroeconomic report that came out. Stocks still…
Economic Growth Below Average - But No Recession
Economic Growth - Negative Revision To April Chicago Fed Index Economic Growth was below average, yet there is still no recession. June Chicago Fed National Activity index was released on Monday. It was -2 basis points which missed estimates for no change. Any time the index is negative, it means growth is below average in…
Stocks Selloff On Hawkish Fed Statements
Stocks Selloff - Hawkish Fed Pushed Stocks Lower Stocks Selloff and fell modestly on Friday because the Fed took the 50 basis point rate cut off the table. Fed is lucky the stock market hasn’t reacted that much to the wild swings in the Fed funds futures market. S&P 500 and the Nasdaq had their…
Fed Turns Hawkish A Day After Dovish Statements
Fed Turns Hawkish - Very Odd Statements By Fed Members Fed Turns Hawkish and was extremely inconsistent on Thursday and Friday. It confused just about everyone following along. Heading into Thursday, we thought the Fed could cut rates twice. But it was only about a 20% to 30% possibility. Then, Clarida and Williams made the…
Massive Volatility In Fed Expectations
Massive Volatility - Stocks Reverse Course On Rate Cut Hopes With expectations of Massive Volatility, the Fed funds futures market moved towards expecting 2 rate cuts in July. This happened on Thursday which pushed the market higher. Especially and even after Netflix and CSX’s poor earnings reports. In this article, I will review Microsoft and…
Housing Permits Get a Big Dip
Housing Permits - Solid MBA Applications Before getting into Housing Permits let's review the MBA Applications. MBA applications and NAHB housing market index are on an island where the results are great. Off that island we have home price growth falling, weak permits, and new home sales that have peaked. Most housing data will show…
Netflix & CSX Crater On Earnings Misses
Netflix - Stocks Fall On Weak Earnings Netflix and CSX fell on the weak earnings statements. Let that be a lesson to only follow aggregate earnings data not the headlines. There will obviously be bad quarters throughout this earnings season as always. But only the aggregate results will tell you how the quarter was. Wednesday…