Morning Commentary
It was an old-school summer session with lighter-than-average volume and insufficient leadership to spark market-wide energy.
We are seeing tech buyers move down the food chain to large but not mega-cap names.
Early morning pressure from Mega Cap financial results that failed to impress. There is enormous pressure on the Magnificent Seven to produce excellent results, with four components expected to deliver more than 56% of second-quarter earnings growth. Alphabet (GOOGL) will open lower after their results were posted.
Tesla (TSLA) beat on revenue but missed on earnings and announced the delay of its Robo-Taxi, which caused the stock to get walloped in pre-open trading.
The Economy
Other earnings missed this morning as evidence mounts that the average consumer is tapped out. Capital One (COF) increased its provision for credit losses by 40% (although it looks less ominous when typed out as $1.2 billion).
Philly Fed Service Survey
The Philly Fed Service Survey was a real eye-opener. Prices were higher while activity, new orders, and sales stumbled.
There are louder rumblings over a July rate cut. The Fed should listen to those rumblings.
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9/6/2024 1:27 PM | Topsy-Turvy Market |
9/6/2024 9:49 AM | ALL HELL TO BREAK LOOSE |
9/5/2024 1:34 PM | Lacking Conviction |
9/5/2024 10:07 AM | LOOKING FOR MOXIE |
9/4/2024 1:34 PM | Cooling Down |
9/4/2024 9:38 AM | CLOBBERED! |
9/3/2024 12:55 PM | Hissy Fit |
9/3/2024 9:37 AM | WILL THE RALLY KEEP ROLLING? |
8/30/2024 1:25 PM | End of Summer |
8/30/2024 9:44 AM | FEELING THE WARMTH |
8/29/2024 1:27 PM | Rallying even as NVDA fades |
8/29/2024 9:45 AM | NOT MEDIOCRE BUT EXPECTATIONS WERE SKY HIGH |
8/28/2024 1:54 PM | Nvidia Day |
8/28/2024 9:50 AM | DEFYING GRAVITY |
8/27/2024 1:34 PM | Nerves Ahead of NVDAs Results |
8/27/2024 9:47 AM | TENSION MOUNTS AHEAD OF NVIDIA EARNINGS |
8/26/2024 1:25 PM | Rotation to Software |
8/26/2024 9:45 AM | POWELL SEES THE LIGHT |
8/23/2024 1:10 PM | Official Start |
8/23/2024 9:36 AM | NERVES AHEAD OF POWELL’S SPEECH |
8/22/2024 1:33 PM | Bad News is Bad News |
8/22/2024 9:56 AM | TAKE THIS JOB AND SHOVE IT! |
8/21/2024 1:04 PM | Bottom Fishing |
8/21/2024 9:48 AM | PAUSE ON THE ROAD TO NEW HIGHS |
8/20/2024 1:01 PM | Juxtaposition |
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