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Afternoon Note

Summer Vibes

By Charles Payne, CEO & Principal Analyst
6/10/2024 1:21 PM

The first official day of summer isn’t until June 20th, but today’s session has those summer doldrum vibes. Although this could also be the calm before a wild week, with critical economic data and the FOMC meeting.

Interestingly, although risk appetite has come down, it remains elevated. The near-term outlook for the US stock market has plunged, according to the S&P Global IMI Survey.

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As the Fed grapples with sticky inflation, Powell must be frustrated with sticky expectations, which edged a little lower in the NY Fed survey. However, it is still elevated with respect to the goal.

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I suspect there will be a big move into the close. These days, the market is not riding the wave and buyers have begun to emerge.


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