Afternoon Note
The market is churning a bit, not unlike economic data, especially soft data surveys, which continue to echo the same theme; an air of excitement being tempered by growing skepticism that D.C. dysfunction will slow, if not kill, the growth agenda.
The latest example of this comes from this morning’s report on manufacturing in New York state. The Empire Fed report came in at 9.8 from 19.8 in June and below consensus of 15.0. Key components for current conditions, and six months out, all declined from the prior month. The numbers are still positive. In fact, the report has been positive in six of the seven months this year, but the trajectory is a reminder of mounting angst.
Empire State I Current Conditions |
July |
June |
General |
9.8 |
19.8 |
New Orders |
13.3 |
18.1 |
Shipments |
10.5 |
22.3 |
Prices Paid |
21.3 |
20.0 |
Number of Employees |
3.9 |
7.7 |
Empire State I Expectations |
July |
June |
General |
34.9 |
41.7 |
New Orders |
33.4 |
42.2 |
Shipments |
33.9 |
35.0 |
Prices Paid |
30.7 |
33.1 |
Number of Employees |
11.8 |
12.3 |
We are watching the tape closely as some early tech buying is fading as sellers emerge and blue-chip names began to pick up steam. There is no doubt, earnings and guidance must be monumental for many tech names (note: tech leaders Amazon and Apple caught target upgrades this morning $1,200 and $182, respectively). By the same token, smart money has been accumulating domestic company stocks and other value plays.
One of those names skyrocketing today is Snap on Tools (SNA), an absolutely favorite of mine, not only from a business perspective, but the CEO is an American hero.
Home Sweet Home
One area that could change the trajectory of the US economy, turning it sharply higher, is household formation. This, coupled with bigger business investing, could send the economy into overdrive and beyond that now mythical 3% GDP hurdle. Please review our update on Homebuilders https://www.wstreet.com/investing/stocks/40488_homebuilders_industry_update.html.
Tweet |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|