WTI crude is flying high again after posting its best day in 6 months on Friday, and the near-term direction for crude prices is becoming clear. Last week’s OPEC meeting provided for some interesting trading in energy markets, particularly on Friday. The production deal signed off on by OPEC on Friday
On Monday, the Housing Market Index reading for June came in at 68, a bit weaker than Wall Street expectations for 78. On Tuesday, Housing Starts totals for May will be released. Econoday consensus is calling for Starts – Level – SAAR of 1.320M, up from April’s 1,278 M. On Wednesday, MBA Mortgage Applications
This week’s economic calendar can best be defined as manufacturing-centric. Away from the FOMC minutes, scheduled for release on Wednesday afternoon, and Chair Jerome Powell’s scheduled talk on Friday morning, investors will be keeping a close eye on a sector of the economy that many had given up on
Macroeconomic data released last week did, to a degree, allay fears of accelerating inflation and a near-term ratcheting up in interest rates as a result of a drop in the Q1 GDP relative to Q4 of 2017. The Chicago Fed National Activity Index for March was significantly slower than the prior month’s
U.S. equity markets were under pressure again today, building on the negative sentiment that emerged last week, wherein stocks moved decidedly in two directions. At the outset of the week, equity markets stepped smartly higher, and in the process, helped temporarily allay fears that a sharp move lower
Bank of America (BAC) reported strong beats on both its top and bottom lines this morning. The price action is best understood in conjunction with the events that unfolded last week. In a perverse turn of events last week, large-cap banks reported Q1 results on Friday morning and largely beat consensus
After nearly two months of heightened volatility, extreme price dislocation, and dramatically-shifting equity investor expectations, Q1 earnings season begins this week. It is clear that there are multiple factors likely to impact both the tone and direction of equity prices over the near term — this
As I indicated in the conclusion of last week’s note, equity markets were vulnerable to further weakness based primarily on February’s selloff and the technical setup provided in the previous week. Not only did we witness a sharp pullback on escalating volume on all major equity exchanges on the week
Politics aside, investors will be focused on the FOMC meeting announcement, forecasts and Fed press conference this week. As we have discussed in previous notes, investors are universally expecting the FOMC to raise rates by 25 bps. The FOMC forecasts, arguably the most pivotal narrative for investors
President Trump agrees to meet with North Korea’s Kim Jong-un by May while making no concessions in advance of the first talks between the heads of state of the two countries. Italy’s newly-elected populist leader castigates the euro, Brussels, Germany’s dominance over the European Parliament, and the
President Trump’s tariff talk provides market bears the confidence and conviction to push equity markets sharply lower. In the case of the S&P 500 (^GSPC, SPY), that support was found at its 200 day moving average.
By Peter Kenny, chief market strategist for Global Markets Advisory Group and owner of KennysCommentary.com U.S. equity markets post best weekly gain since 2013 a week after posting the worst weekly performance in two years. U.S. dollar finally reverses higher last week after trading to a three year
Dow Industrials (^DJI, DIA) have risen 5,067 points or 26.4% and closed on Friday 9% below its record high close of 26,616.71. US equity markets have posted significant 52-week gains due largely to an expanding economy, near full-employment, an accelerating GDP, improving corporate results and near
Today’s market rout is a continuation of Friday’s meltdown in the US equity markets, which capped off the worst weekly performance by all three major equity market indices in over a year. The Dow Industrials (^DJI, DIA) (-665.75 pts/2.54%) and Nasdaq Composite (^IXIC, QQQ) (144.94pts/-1.96%) traded
• U.S. equity markets post a fourth consecutive week of gains • All three major US equity indices trade further into record territory • S&P Capital IQ raises Q4 EPS estimates for the S&P 500 • Apple, Amazon and Facebook earnings due out • Initial 2017 Q4 GDP, released last Friday, disappoints at 2.6%
• Senate reaches plan to end U.S. Federal Government shutdown • Investor optimism reaches the highest level since 1986 • US manufacturing continues to defy conventional thinking, rising for a fourth straight month • US oil production set to upend global trade – Reuters • IEA sees explosive growth in
This week’s economic calendar starts off with a whisper and ends with a bang—particularly for those looking closely at inflation and the follow-through impact on monetary policy. On Wednesday the all-important Atlanta Fed Business Inflation Expectations report is released. What is on the horizon that
Manufacturing, an unexpectedly strong sector of the U.S. economy in 2017, was highlighted today, the first trading day of the year. The PMI Manufacturing Index for December came in at 55.1, above Wall Street expectations and besting November’s print of 53.9. Manufacturing, as a component of the U.S
As expected, last week's equity market trading was largely focused on the tax bill winding its way through reconciliation. With each barrier to passage eliminated through negotiation, equity markets gained traction.
US equity markets moved incrementally higher and further into record territory in Black Friday’s abbreviated session, with the Nasdaq, S&P 500 and Dow Industrials ticking higher. The Nasdaq led the way with a gain of 1.6% while the Dow Industrials and S&P 500 both tacked on 0.9%.