Posts

9/23 Premarket

●The S&P 500 broke a four-day slide yesterday, gaining +1.05%, cyclical sectors like Banks (-1.89%), Autos (-1.13%) and Energy (-1.03%) continued to lag. ○Retail (+3.64%), Media (+2.24%) and Software (+1.94%) all the led the S&P higher as the tech gains saw the NASDAQ rally +1.71%○Stay-at-home movement is coming back with further restrictions being seen in Europe. ●House passes spending bill to fund government until December 11 ○$8 billion for nutrition assistance for schoolchildren and families○It also adds increased accountability for farm aid money to prevent it from going to large oil companies○Dems reaffirmed commitment to $1200 stimulus checks ●Johnson & Johnson becomes 4th company to enter stage 3 vaccine testing ●Powell: US Economy could start to decelerate without additional stimulus ○Appears in front of House Select Subcommittee on the Coronavirus Crisis today at 10am EST ●$300 unemployment benefits end in 9 states as need for stimulus rises ●Republican moves to get a co…

9/22 Premarket

●Powell to House: “Fed will continue aid for as long as it takes” ○Powell said the facilities overall have unleashed about half their potential funding and will be at the ready should market stresses reemerge ●Former White House official: “And I do think, unfortunately, we may not have an outcome immediately, probably going to be litigation that follows and I just hope that we can get this resolved in relative short order so there isn’t uncertainty come January” ●On Monday, the S&P 500 closed down 9% from its Sept 2 record high, just above correction territory ○travel and leisure stocks among the worst performers as investors were faced with the prospect of further restrictions being imposed○US banks were also down -3.35% ●The technology hardware industry (+1.90%), specifically Apple (+3.03%) led the rebound along with other large-cap tech stocks such as Microsoft (+2.71%) and Nvidia (+2.69%). ●10am: Existing Home Sales ○EHS exp. to increase by 2.6% MoM to 6.01M○Despite the recession, lo…

9/21 Premarket

●S&P on pace for worst September since 2011 ●U.S. stock index futures dropped 1.8% on Monday hit by bank stocks following media reports that several global banks moved sums of allegedly illicit funds over nearly two decades. ○Shares in JPMorgan Chase and Bank of New York Mellon Corp fell 4% and 3.3%, respectively ●Shares of airlines, hotels and cruise operators led declines in premarket trading, tracking their European peers as the UK signaled the possibility of a second national lockdown ○British cases rising by 6,000 new/week ●MSCI world equity index was down 0.5%. European indexes opened lower, with the pan-European STOXX 600 down 1.7% at its lowest in nearly two weeks. London's FTSE 100 was at a two-week low, down 2.4% and Germany's DAX fell 2%, led by banking shares ●In a House Financial Services Committee hearing on Tuesday, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin are expected to speak about the need for more stimulus. ●U.S. deaths related …

9/18 Premarket

●Inflation didn’t even get past 2% when the U.S. economy was running with a 3.5% pre-pandemic unemployment rate, its lowest in 50 years. ○created asset inflation but not necessarily broad economic inflation ●The total value of foreign direct investment and venture capital deals between the U.S. and China fell to a near nine-year low, research and consulting firm Rhodium Group said in a report. ○Completed U.S. direct investment into China fell 31% to $4.1 billion, while Chinese investment into the U.S. would have plunged if not for Tencent’s $3.4 billion minority stake in Universal Music ●Of the 11 major S&P indexes, industrials, materials and energy have gained more than 2% so far this week, while communication and consumer discretionary posted the biggest declines. ○Asian stocks gained, led by materials and IT, after falling in the last session ●France’s daily cases rose by more than 10,000 to the highest since the end of lockdown in May. ●New York City delayed the reopening of classes …

9/17 Premarket

●The International Energy Agency on Tuesday cut its forecast for 2020 oil demand growth, citing what it calls a “treacherous” path ahead due to weakening market sentiment and an upsurge in the number of coronavirus cases reported across the globe●Morgan Stanley updates outlook to say fiscal stimulus no longer expected before the election●Expect the Fed’s forward guidance on interest rates to remain unchanged and for the Committee to reframe their asset purchases as being focused on providing accommodation, not aiding market functioning. ●Import prices rose 0.9% MoM (well above the 0.5% expected) and Export prices rose 0.5% MoM (also better than the +0.4% expected). But despite both the beats, import and export prices remain underwater on a YoY basis.●Citigroup, Wells Fargo to resume job cuts after ending a pledge to pause staff reductions●JP Morgan sees drop in productivity from people working at home●The Federal Reserve Bank of New York’s general business conditions index increased to…

9/16 Premarket

●The International Energy Agency on Tuesday cut its forecast for 2020 oil demand growth, citing what it calls a “treacherous” path ahead due to weakening market sentiment and an upsurge in the number of coronavirus cases reported across the globe●Morgan Stanley updates outlook to say fiscal stimulus no longer expected before the election●Expect the Fed’s forward guidance on interest rates to remain unchanged and for the Committee to reframe their asset purchases as being focused on providing accommodation, not aiding market functioning. ●Import prices rose 0.9% MoM (well above the 0.5% expected) and Export prices rose 0.5% MoM (also better than the +0.4% expected). But despite both the beats, import and export prices remain underwater on a YoY basis.●Citigroup, Wells Fargo to resume job cuts after ending a pledge to pause staff reductions●JP Morgan sees drop in productivity from people working at home●The Federal Reserve Bank of New York’s general business conditions index increased to…

9/15 Premarket

●The International Energy Agency on Tuesday cut its forecast for 2020 oil demand growth, citing what it calls a “treacherous” path ahead due to weakening market sentiment and an upsurge in the number of coronavirus cases reported across the globe●Morgan Stanley updates outlook to say fiscal stimulus no longer expected before the election●Expect the Fed’s forward guidance on interest rates to remain unchanged and for the Committee to reframe their asset purchases as being focused on providing accommodation, not aiding market functioning. ●Import prices rose 0.9% MoM (well above the 0.5% expected) and Export prices rose 0.5% MoM (also better than the +0.4% expected). But despite both the beats, import and export prices remain underwater on a YoY basis.●Citigroup, Wells Fargo to resume job cuts after ending a pledge to pause staff reductions●JP Morgan sees drop in productivity from people working at home●The Federal Reserve Bank of New York’s general business conditions index increased to…