Morning Commentary
What’s the opposite of Goldilocks? Yesterday, the Institute of Supply Management (ISM) manufacturing report came in better than expected, as headline new orders and production shifted back to expansion from contraction. But employment continues to contract (now, six months), and prices increased faster.
ISM Manufacturing Employment
After the release of the ISM data, bonds took center stage. Yields moved higher across the spectrum.
The ten–year yield closed right on the cusp of a considerable resistance point.
Stocks Rattled, But Firm
Eight out of eleven S&P 500 sectors were lower in the session.
Perhaps it should come as no surprise that Communication Services (XLC) led the way, followed by Energy (XLE) and Technology (XLK).
Banks were also intriguing, considering further deterioration among small banks.
NASDAQ-100 (Safe Haven)
The Nasdaq-100 (NDX) has been marking time since mid-February, refusing to go down but unable to generate the oomph to breakout. This is called consolidation, and thus far, it's very impressive.
Today’s Session
A series of blows to the market this morning.
Medicare reimbursement will be less than consensus and this is crushing key names:
The day after the Biden administration made official changes to the CAFÉ standards, which are a death knell for internal combustion engines, we are reminded people do not want EVs.
Tesla's deliveries came in much lower than expected. The street was looking for 431,000; the actual count was 369,783.
I’m also intrigued with the action in gold, which seems more than just a breakout but a warning about the economy.
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7/26/2024 1:36 PM | Friday Recovery |
7/26/2024 9:29 AM | WRAPPED AROUND YOUR FINGER |
7/25/2024 12:58 PM | A Look at GDP |
7/25/2024 9:57 AM | TURNING THE PAGE ON RESOLVE |
7/24/2024 1:49 PM | Vulnerable Market |
7/24/2024 9:47 AM | Mega Misses |
7/23/2024 1:04 PM | Lay Summer Session |
7/23/2024 9:25 AM | MOST EXPANSIVE BREADTH = GREATER OPTIMISM |
7/22/2024 1:23 PM | Rebounding |
7/22/2024 9:47 AM | WILL THE HUNT FOR VALUE CONTINUE? |
7/19/2024 1:32 PM | Under Pressure |
7/19/2024 9:56 AM | STAR FOR ONLY A WEEK? |
7/18/2024 1:30 PM | All Eyes on Netflix |
7/18/2024 10:18 AM | BIG BETS ON TRUMP TRADE |
7/17/2024 1:37 PM | Technology Troubles |
7/17/2024 9:59 AM | EMPHATIC! |
7/16/2024 12:44 PM | AI Drifting Lower |
7/16/2024 9:52 AM | NEW KIND OF WINNING |
7/15/2024 1:32 PM | Small Caps On The Move |
7/15/2024 9:50 AM | FULL SPEED AHEAD |
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7/12/2024 9:48 AM | IT’S GOOD TO BE THE KING |
7/11/2024 1:25 PM | Equal Weight Comeback? |
7/11/2024 9:42 AM | CALLING ALL STOCKS |
7/10/2024 1:15 PM | Rally Broadens |
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