The View from 5th Avenue

In a week full of earnings and single stock shocks, the prevailing feeling among investors is a bit remnant of when your parents tell you they don’t have a favorite child… but we all know it’s Nvidia. The AI behemoth closed just shy of a staggering 2 trillion valuation but believe it or not there are in fact other fish in the sea moving markets today… Yields stumbled across the curve ahead of next week’s PCE reading that will no doubt bring the bring the rate debate front and center as ‘highe…

Nvidia crushed. Have a nice evening!

The final hour of trading was a rather interesting sequence of events, with US equities reaching session lows at the top of the hour to only spike into the bottom of the hour (last 30minutes) resulting in equities catching a bid and skewing the auction to the buyside. Needless to say much of today’s session felt rather risk off and rightfully so! Dominating the headlines from intraday Fed comments to FOMC Fed Minutes early afternoon to Nvida (-2.85%) earnings post market (beat across the board)…

It is with a cautious tone that we approach the next coming weeks. With a combination of historical seasonality falling out of favor for markets, a rebound in US bond yields and a stronger USD, we believe that the waters may be choppy ahead through March before resuming their bullish trend in the warmer months. Like all good rebirth / rise again / Spring awakening stories, 2024 may be no different. And we saw exactly that in US markets today. Choppy, cooling sentiment left major indices in…

If it ain’t broke don’t fix it. US equities are sky-high, over bought, stubbornly resilient, and unwaveringly committed to a few favorite names but with the S&P1500 advance decline line making an all-time high Thursday and strong earnings growth it’s hard to argue that the path of least resistance remains higher despite a weaker session today. A few hot data points don’t make a trend, but today’s PPI print knocked markets off kilter early and if the reaction is any indication investors are beco…

While the UK and Japan surprised investors and slipped into recession territory today, the US market laced up its boots a climbed higher despite an underwhelming performance from the Technology and Software sectors. The Russel 2000 took home first place today thanks to a rebound performance from US banks after the Office of the Comptroller of the Currency (say that three times fast) terminated the 2016 sales practices Consent Order against Wells Fargo (+7.2%). Economic data picked back up today…

“You don’t love because, you love despite; not for the virtues, but despite the faults.”

The markets infatuation with inflation continues and today’s much anticipated CPI print left investors questioning once again their outlook on the Fed rate path. Just a couple months ago, the Street had priced in multiple cuts in 2024 even as Powell and company held their higher for longer stance. The Fed kept that theme at their January 31st meeting, and today’s CPI print played into the patience. While the y/y dropped to 3.1% in January from 3.9%, it was higher than estimates of 2.9% as shelt…

A quiet day in US markets today as we celebrate the first-ever female to secure a SuperBowl victory in NFL history 😉… With today’s main events more focused around the recapping of last night- football related and otherwise- both news and action alike were sparce in Monday trading. Asian markets were closed for the most part in observation of the Lunar New Year where celebrations around the Year of the Dragon left little in the way of catalysts overnight. Fed member Bowman attempted to shake…

Up, up, and away we go… an early revise lower for CPI MoM spurred equities higher as the S&P opened above 5000 and closed at yet another all-time high. Earnings drove the bus this week with a number of outsized single stock moves and c80% of companies reporting a surprise beat according to Bloomberg. Consolidation is the name of the game as the Fab4 is the new M7, tearing past peers and driving indices from bottom left to top right. Amazon took the cake today, closing at a 52-week high and only…