Morning Commentary
The world watched in horror, and the stock market recoiled as missiles rained on Israel yesterday. The great news is Israel’s Iron Dome held. I can only hope the message to Iran’s terror proxies is the Mullahs are not as powerful as thought, and maybe it's time to consider rejoining humanity.
Tough Sledding
Three of the eleven sectors finished higher.
The glaring red squares stand out not just for their size but also for the session. Investors are losing confidence in Technology (XLK) and the Artificial Intelligence (AI) story. These are the early days of the Fourth Industrial Revolution. Stocks can move lower, even when the value proposition is as impressive as the AI story, but they won’t stay down for long.
Recession Watch
The JOLTs report saw a bump in job openings, but what stands out is plugging hires and quits rates, which correlate with past recessions.
Today’s Session
The ADP Payroll Report bounced, coming in above the consensus of 120,000. Interestingly, the gap between stayers and leavers has sunk considerably.
We are watching for Technology names to hold as all the action continues in Chinese stocks. Particularly in Chinese Technology names.
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10/4/2024 1:14 PM | Jobs Data Pushing Stocks Higher |
10/4/2024 9:58 AM | JOBS DAY (AGAIN) |
10/3/2024 12:47 PM | Oil Surges |
10/3/2024 9:38 AM | WAITING |
10/2/2024 1:23 PM | Holding the Pattern |
10/2/2024 9:34 AM | REIGN OF TERROR |
10/1/2024 1:08 PM | Geopolitics Takes Center Stage |
10/1/2024 9:39 AM | STRONG, STEADY & DETERMINED |
9/30/2024 1:33 PM | Marginal Monday |
9/30/2024 9:33 AM | LOOKING FOR A POWELL BOOSTER |
9/27/2024 12:53 PM | Technology Lags |
9/27/2024 9:57 AM | Materials Momentum |
9/26/2024 1:11 PM | Strong and Steady |
9/26/2024 9:44 AM | AI IS A-OK |
9/25/2024 12:55 PM | Losing Steam |
9/25/2024 9:25 AM | IS THIS THE DATA POWELL FEARED? |
9/24/2024 1:06 PM | The Right Move |
9/24/2024 9:45 AM | HO-HUM IS OKAY |
9/23/2024 1:38 PM | A Big Week Ahead |
9/23/2024 9:44 AM | IT’S ELECTRIC! |
9/20/2024 1:07 PM | Taking a Breather |
9/20/2024 9:35 AM | RATE CUT EUPHORIA |
9/19/2024 1:25 PM | Rate Cut Rally |
9/19/2024 9:29 AM | …HE’S A DEMON ON WHEELS |
9/18/2024 1:19 PM | Fed Time |
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