Friends The personal consumption expenditures (PCE) price index rose 4.1% from a year ago and that’s the lowest annual rate since September 2021. Minus food and energy, the index was up .2% from the previous month. Overall, the inflation gage that the Fed watches closely came in a...
Friends Despite or maybe because of today’s better than expected first look at 2nd quarter GDP, stocks finally suffered a decisively losing day. Things were due to cool off a bit, at the very least, and given the Fed move happened yesterday and today’s rosier than expected economic outlook may...
Friends As expected, the Federal Reserve raised the discount rate another quarter of a point bringing the rate to 5.25%-5.50%. Chair Powell continues to insist that the Fed’s work is not done until they see the rate of inflation running at 2%, which he guesses won’t likely be until...
Friends Stocks were modestly higher as market participants wait for the Fed decision tomorrow afternoon. In the meantime, earnings continue to roll out and we are seeing companies mainly beat estimates. Whether their shares go up or down after the release seems to have a lot to do with...
Friends It’s going to be a busy week of earnings and Fed news. The FOMC meeting begins tomorrow with the statement and the press conference on Wednesday. It’s believed that the Fed will raise the Fed Funds rate another quarter of a point at this meeting despite the...
Friends As we expected, earnings releases are shaking things up a bit. When’s the last time we saw Nasdaq down 2% while the sleepy Dow Jones Industrial Average was up? Netflix and Tesla led the Nasdaq lower after their earnings releases while Johnson & Johnson led the Dow...
Friends The bulls continue to run wild and free. As legendary Wall Street Executive Art Cashin said the other day, “the only concern the bulls have right now is the possibility of running out of champagne”. But, seriously, the strength in the market averages is extremely impressive. It’s...
Friends Stocks moved higher today as we wade headfirst into earnings season in the next few weeks. To this point in 2023, negativity has provided a sturdy wall of worry for stocks to climb. On a daily basis a consistent stream of negative analysts filled the airwaves with...
Friends We had good earnings from some major banks, but after an initial pop the shares of these behemoths deteriorated with only JP Morgan holding onto to a small gain. It will be interesting to see if this is a pattern that could develop over the next few...
Friends More positive news on the inflation front today as the Producer Price Index (prices at the wholesale level) came in below expectations. Big banks JP Morgan Chase, Citi, and Wells Fargo kick off earnings season tomorrow, but we got a look at a couple of early releases...
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