Last Week Trading volume was extremely heavy thanks to Friday’s “triple witching,” with a massive $5.5 trillion of options expiring. Additional activity was driven by the annual index rebalancing, in which increased weightings reward the top-performing stocks from the...
Last Week The songs remained the same, with mega-cap momentum stocks blasting another round of “We Are the Champions,” while the small and mid-caps lamented in “When Will I Be Loved.” The dissonance between the economic data and the FOMC statement was as deafening as...
Last Week Following the pattern from the previous week, gains in a narrow band of mega-cap momentum stocks masked underlying weakness in the broader market on Tuesday to kick off the holiday-shortened trading week. The mood worsened on Wednesday as hawkish Fedspeak...
Last Week On the surface, the stock market rally continued with the S&P 500 fractionally higher to cap on a five-week win streak, its longest such run since early February. However, peeling back the onion skin reveals weakness across all equities industry sectors...
Last Week Traders on the NYSE floor could don their Dow 40,000 hats as Wall Street enjoyed another record-breaking week. The most significant market-moving news came on Wednesday with the release of the consumer price index for April. The data showed an increase at a...
Last Week The market rebound continued for the third straight week, erasing almost all of April's losses. Earnings season provided reason for optimism, as composite growth for the first quarter increased to +5.4% from +5.0% the previous week and the estimate of +3.4%...
Last Week A pair of “magnificent” earnings reports, somewhat dovish Fedspeak, and soft jobs data combined to form a winning hand for Wall Street. Following volatile trading Monday through Thursday, a powerful rally on Friday moved all the equity markets out of the red...
Last Week “Another Pullback” would have been a better title for our last commentary, rather than “Enter the Correction,” which proved premature as the market resumed its steady climb. In trader parlance, a “correction" is defined as a decline of 10%, and in this...
Last Week The stock market remained under pressure, with the S&P 500 extending its losing streak to six consecutive trading days on Friday while posting its worst weekly performance in over a year. The decline moved the index into correction territory, down over...
Last Week The “lady who is sure all that glitters is gold” and invests only in gold, was the sole happy camper on Wall Street, as the market posted its worst weekly performance since October. While gold historically has not been the most effective inflation hedge over...
Last Week Although not referring to the stock market, the first line in the T.S. Eliot poem “The Waste Land” reads, “April is the cruelest month,” and thus far, those words are ringing true for investors. Indeed, the month kicked off with the worst weekly performance...
Last Week There were only bulls, no bears, lambs, or lions to be found on Wall Street in March, as the stock market came out as it came in, charging forward. The S&P 500 closed the holiday-shortened week at another record high, and the rally continued to broaden...
Last Week It was chips without any dips as the market snapped its two-week losing streak. The party started Monday anticipating the annual GTC conference hosted by Nvidia, Wall Street’s AI chip darling. The company did not disappoint investors with a highly upbeat...
Last Week Stock market bulls breathed a sigh of relief as the market digested slightly hotter-than-expected CPI and PPI numbers on Tuesday and Thursday. On Friday, however, Quadruple Witching futures and options-related trading pushed prices lower to close the...
Modestly Dovish The Fed is still talking (seemingly every day) about when it should cut rates, as the evidence shows that the economy is still holding steady. The suddenly not-so-magnificent Tesla had a bad day on Monday, and Nvidia finally had a bad day on Friday....
Sound Shape In weather parlance, March is said to come in like a lion and go out like a lamb. For the stock market, March came in like a bull! The S&P 500 and Nasdaq Composite closed at fresh record highs, primarily driven by tech stocks with a kiss from some...
Last Week: Insatiable Demand We could call it another serving of chips and dips, with Nvidia providing the tasty chips and dips coming from continued Fed policy concerns. The markets were closed on Monday and treaded water on Tuesday and Wednesday. Still, the major...
Swooped In The inflation data was just hot enough to cool investors’ animal spirits, leading to a modest sell-off in both the stock and bond markets. On Tuesday, the CPI came in at +3.1% year-over-year versus the 2.9% consensus forecast. The equity markets sold off,...
Upside Surprise On Friday, market participants received further encouraging data on inflation after the U.S. Bureau of Labor Statistics released its annual revisions to the Consumer Price Index (CPI). The report showed that core consumer prices rose 0.2% in December...
Leading the Charge The good news continued to roll in from corporate earnings and U.S. economic data, somewhat offset by another dose of modestly hawkish jawboning from Chairman Powell and his merry band of Federal Reserve Governors. On the earnings front, strong...
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