Fed cuts rates a quarter point for the third time this year. Baseline economic outlook remains favorable and policy will remain appropriate… (Wow! Was that a surprise, I mean who would’ve thought?) Blackrock’s Ricky Reider says that Powell is doing 100% the right thing. And Patti Domm of CNBC says that “Powell Aces Tricky FED [...]
Dennis Muilenburg (Boeing’s CEO), in his first appearance before congress since the grounding of the Boeing 737 MAX, was on the hot seat for most of the morning yesterday as he faced a barrage of criticism from lawmakers. He will be on the hot seat again today as the grilling is expected to continue. Senators [...]
The MOMO (Momentum) guys are back and they tripped over each other all day… Stocks raced higher as the market “melted up” and earnings continue to shatter the expectations. Word that the government awarded MSFT the JEDI (Joint Enterprise Defense Infrastructure) contract caused a new round of buying across tech. Apple and Google surged higher [...]
Oh my, so much to talk about, and so little time. First, there’s a “new” war, this one between MSFT/AMZN over the US Gov’t JEDI (Joint Enterprise Defense Infrastructure) contract, then the old war – US/China Trade. Then. there’s the death of Abu Bakr al-Baghdadi (Leader of ISIS), who “died like a coward” in a [...]
So like I said, the economic data yesterday was a non-event. While weaker, the data did not cause any kind of a sell-off in the markets. Durable Goods came in weaker than expected at -1.1% (exp of -0.7%), Ex Transports came in at -0.3% (exp of -0.2%), Cap Good Ordered at -0.5% (exp of -0.1%) [...]
Stocks began the day in the plus column as investors appear to be taking it all in stride. Tech names FB and NFLX were weaker, dragging other names with it like SNAP, TWTR, and PINS. Energy names, HAL, SLB, XOM, CVX, EOG, DVN, and SM, were stronger. As you would expect during the earnings season, [...]
Stocks rallied on Monday as excitement continues to build over US/China trade. As noted yesterday, Vice Premier Liu He told Reuters that “substantial progress” is being made and yesterday the administration doubled down on that statement. Larry Kudlow went so far as to say that the December tariffs could be eliminated IF the current trade [...]
First today, a note about an email some of you received on Friday. That was sent in error to my long standing readers, and didn’t come from me. Chalk it up to growing pains with my new team in Baltimore. I appreciate your trust in Morning Thoughts and apologize for the mix up. To the [...]
It’s like the energizer bunny, they keep going, and going, and going… Stocks advanced again yesterday as more solid earnings hit the tape. Reports out of Brussels suggested that the EU and the UK had reached a preliminary BREXIT deal that will lay the groundwork for a divorce, a divorce that has been three years [...]
Economic data reported yesterday suggests that the consumer is “holding back.” The retail sales spending numbers reported yesterday were not what we expected at all… The report showed that retail sales fell by 3% vs. the expected rise of 3% — a complete 180. That has some nervous, and I ask why? OK, yes the [...]