Friends Weak economic news out of China led to a rally in Chinese stocks (bad news is good news=stimulus), which spilled over into our markets this morning. Couple that with an overdue bounce, after seven straight down days (as measured by the Dow), and stocks enjoyed a nice broad...
Friends Stocks suffered losses for the 7th straight session (as measured by the Dow), as reaction to the jobs number was muted. The non-farm payroll number came in as expected at 215,000 new jobs having been created in July. The unemployment rate fell to 5.3% while the average hourly...
Friends Earnings disappointments continue to weigh on the stock market, as both stocks that were priced for perfection and also some that had already been beaten up, continue to see selling pressure. As I have mentioned before, despite the S&P 500 remaining slightly in positive territory, a majority of...
Friends It was somewhat a tale of two cities today with regards to economic data. First, the ADP private payroll number came in somewhat disappointing at 185,000 new jobs created in July (expectations were for about 210,000 new jobs). Shortly after that we got the ISM non-manufacturing (services) report...
Friends Stocks once again limped through the trading session as earnings season, and the growing belief that the Fed is poised to move in September, continued to weigh on the psyche of traders. The breakdown of stalwarts and Dow components like Apple also have traders wondering what will continue...
Friends For stocks, July didn’t end too well, and August didn’t get off to a very good start today either. Overnight stocks finally began trading in Greece after weeks of being halted, and prices promptly dropped 30% (it did recover some). With other overseas markets showing weakness and worries...
Friends Weighed down by energy names, stocks struggled to gain traction today – especially the Dow. Dow components Exxon and Chevron both reported today and the results weren’t pretty. To give you an idea of how far earnings have plunged for oil companies, Chevron earned $13 per share in...
Friends Our first look at 2nd quarter GDP shows that the economy grew at 2.3%, which was a little shy of the 2.9% consensus among economists. Interestingly, the first quarter negative 0.2% reading was revised upward to a positive 0.6%. That puts both quarters in positive territory, which doesn’t...
Friends Stocks were comfortably higher before the Fed statement was released at 1:00, and moved even higher after the release. There was nothing really new in the FOMC statement, but it seemed the Fed was more constructive on the labor situation and the economy in general. There was...
Friends Led by the recently depressed energy, industrials, and materials sectors, stocks finally staged a bit of a rally after 6 straight down days. Whether it’s the beginning of a snap back or just a “dead cat bounce” remains to be seen, but at least for today, the bulls...
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