Equities saw gains on Thursday, driven by Arm Holdings Plc’s debut excitement and a better-than-expected print on retail sales. Investors decided to take the data positively even though this might continue to push the narrative of higher for longer rates. Investors are still expecting the Fed to pause this month. All indices were positive, although unlike recent sessions, the sector mix pointed to a more cautious stance. Rotation continued in favor of Energy, which saw strong support from crud…

Major indices were able to finish higher into the close, after the sessions’ biggest catalyst (the CPI) did little to shift the larger narrative. The CPI print saw an (expected) uptick on the headline number, driven by rising energy prices as well as shelter, while the core number fell to bang inline vs cons on a YoY basis. Commentators knew higher energy costs would be a factor, so little surprise there. Either way, bulls continue to highlight progress on core and continue to expect shelter/ho…

Tech pulled markets lower in Tuesday trading as outperformance in Energy did little to offset the broader result. The Nasdaq underperformed its index peers and again traded places with its 50-day MA to the losing position today.. The main offenders on the drop today were Oracle falling (-13.5%) as the worst performing name in the S&P following discouraging release yesterday and Apple (-3.1%) as the main event of the day did little to spur excitement as the new release of the iPhone, smartwatch…

With the big three indexes nursing weekly losses, markets took a positive view to today’s session and finished with gains. The economic calendar was quiet, giving investors a moment to reflect on the coming data. Inflation continues to be the theme, especially in regard to the Fed, and this week will provide traders one last glance as the calendar heads towards another FOMC. While next week is not expected to yield another hike, peak rates continue to push further in 2024 (higher for longer), a…

This week’s losing streak has officially been broken– if only on a mere technicality– as we narrowly eked out modest gains on the major US indices to close out the shortened holiday week here in the States. Overall, we still head into the weekend having fallen below the 50-day MA’s and yet unable to recover above. Nasdaq was the last to break that level earlier this week while the Russell remains the laggard of them all having now broken below its 100-day MA and the sole downer today. It w…

September is only seven days old, and it already has been a rough month for equities as the major indexes all finished in the red once again. While the S&P and Russell both started the month positively, Nasdaq is perfect in its negativity as traders weigh potential read throughs for the biggest stock in the world. China’s plan to ban government officials from using an iPhone for work was reportedly extended to SOEs, and Apple (-2.9%) added to yesterday’s losses, falling through its 100-day movi…

US indexes suffered at the hands of another strong ISM Services print. Equities fell, S&P 500 closed below the 50d (4475), and US Treasury rates rose after August services data came in higher across the board. The ISM Services Index (act. 54.5, est. 52.5) posted the highest level in six months, while ISM Services Employment (54.7) is the highest since November 2021. In addition, services prices paid increased for the second month in a row. These increases do not bode well for future inflation d…

US equities trudged to the starting line and fell into the finish line, clearly still recovering from the long Labor Day weekend. The NASDAQ attempted recovery midday, but ultimately succumbed to losses by the close. It was the Russell 2000 that saw the largest losses of the day, down 1.9%, led lower by Trinseo (-20.0%) and Aaron’s Co. (-12.7%), which both fell (the former to 52-week lows) on headlines the stocks will be leaving the S&P SmallCap600 index. Economic data was sparse and not impact…

This week was full of economic data and today was no different. Employment data released this morning seems to confirm a pullback in the labor market after speculation began earlier this week with soft JOLTS and Jobless claims data. The unemployed rate rose to 3.8% (est. 3.5%), the highest since February ’22. While nonfarm payrolls reported a gain of +187k, outpacing estimates of +170k. There is concern around revisions for June and July. July had originally reported a gain +187k but was revise…

Judging by trading volumes today, the long Labor Day weekend has not yet begun for many US investors. The elevated participation (S&P volumes +14% vs. the 20day average) suggested that even the most aggressive holiday seekers wouldn’t miss the last day of the month and an MSCI rebalance. Unfortunately, the S&P couldn’t eke out a 5th day of gains, suffering into the afternoon and enduring a decent selloff into the close. The Nasdaq outperformed +11bps, despite the same closing selloff. There was…