413 days ago
The Philadelphia Federal Reserve Manufacturing Index fell to its lowest level since May 2020. Not a great sign for the global economy. Separately, Housing Starts & Building Permits Weakest Since COVID Lockdowns.
413 days ago
The sentiment is rather downbeat this afternoon after higher-than-expected PPI data for January and the persistent tight labour market. Stocks extended losses, the dollar turned positive on the session and yields ticked up.
413 days ago
A Bank of America poll illustrates global growth pessimism drops to lowest in a year. In addition, investors are positioned well underweight stocks, which is leaving many chasing the market rally. As a result, from that indicator perspective, it is not quite a ‘sell’ signal yet.
414 days ago
The 7.5%+ returns for the S&P 500 by 14th February tends to be positive for the full year. S&P500 closed up 11% on average for the full year, and up 90% of the time. Only 1987 saw red returns. Will this year be any different? Source: Ryan Detrick
415 days ago
Core CPI came slightly higher than forecast at 5.6% YoY versus 5.5% expected. Nonetheless, month-over-month it met expectations at 0.4%. Energy prices will continue to be a major focus. The war on inflation is certainly not over, and markets still need to digest the significantly higher interest rates than last year.
Markets may again feel some anxiety as we near another key inflation data, the PCE, on Friday, February 24th. And the most important element in driving stocks remains the Fed and the yield curve. And Treasury yields are significantly higher than last year and are likely to keep a lid on valuation multiples.
