The senseless, brutal attack across Israel is a reminder of how elusive peace in the Middle East remains and how dangerous the world is now. The invasion of Ukraine has been followed by coups and uprisings in Africa and China’s amped belligerence toward Taiwan and open disdain for international laws.
Financial markets have coexisted with war for 200 years, but it's always jarring when humanity is attacked to the degree it was over the weekend.
The initial reaction was that stocks moved lower, and oil prices erupted higher. We pray for peace and a swift end to the current fighting while hoping justice will prevail.
Last week, the stock market exhibited the kind of grit that has defied the odds for months – going back to the October 2022 bottom. Friday’s session was a microcosm of that grit.
Decliners swamped advancers on the week, and there is now an avalanche of stocks changing hands at 52-week lows.
So, few names trading above their 200-day moving average is considered a contrarian buy signal.
It’s all about the bank stocks on Friday, but I'm interested in how much miracle-weight drugs have cut into Pepsi (PEP) and if aspirational buyers are still trying to squeeze in Louis Vuitton (LVMH) in their wardrobe.
Banks are limping along – we’ll find out how badly they’re injured.
This report points to the impact of student loan repayments as non-revolving credit plunged. Overall, the street was looking for an increase in consumer credit of $12.0 billion.
Huge Cost of Borrowing
New car loans interest rates:
The market opened lower under this latest dark cloud.
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