Morning Commentary
Nvidia (NVDA) was the lone star of an otherwise terrible session. The company added the equivalent of one Lockheed Martin (LMT) ($145 billion) to its market cap and is within spitting distance of Apple (AAPL) for the top spot. With the stock leading the way, Technology (XLK) was the only S&P 500 sector that was higher at the closing bell.
Factors & Heat Map
Growth eked out the tiniest gains, and small caps took it on the jaw in another brutal session as the spike in yields brought back concerns about the maturity wall.
Suddenly, the Mag Seven were left standing when the rest of the market was in shambles.
Bond Roar
Something isn’t right. Or maybe something is right, and we must finally listen.
The Ten Year Bond Yield (TNX) is higher than when the FOMC cut rates after surging through several resistance points. Although there is debate over what's happening, the stock market cannot ignore the siren call. Some point to the rise in Trump’s numbers, but I'm not buying it. We are trying to understand it better.
Economic Data
Although earnings will dominate the market, they don’t sleep on the massive economic data docket.
Today’s Session
Lots of earnings out this morning and none of them standout as spectacular. The story here is, there were many major companies that missed on revenue consensus.
The FOMC’s next move seems unclear even after Mary Daly says she doesn’t see reasons to stop cutting rates.
That would be a lot more believable if bond yields weren’t surging higher.
Then, there’s the so-called Trump Trade which is playing a role in those higher yields.
Investors are also loading up on the dollar as Trump gains momentum in betting markets, and to a lesser extent polls.
Tweet |
11/13/2024 1:21 PM | Rate Cut Bets |
11/13/2024 10:01 AM | RENEWED HOPE FOR PEACE & STRENGTH |
11/12/2024 1:33 PM | Profit Taking Tuesday |
11/12/2024 9:47 AM | FLAME ON |
11/11/2024 1:07 PM | Tired Rally |
11/11/2024 9:49 AM | The Markets Are Pumped |
11/8/2024 1:04 PM | Stellar Week |
11/8/2024 9:47 AM | POWELL GETS TOUGH (WITH TRUMP, NOT INFLATION) |
11/7/2024 12:57 PM | Rate Decision |
11/7/2024 9:55 AM | THE SWAGGER IS BACK |
11/6/2024 1:25 PM | Trump Trade Bonanza |
11/6/2024 9:47 AM | Election Rally |
11/5/2024 12:54 PM | Holding the Script |
11/5/2024 9:50 AM | VOTE, AMERICA |
11/4/2024 1:32 PM | Election Fear |
11/4/2024 9:55 AM | THE CANARY SQUAWKS |
11/1/2024 1:10 PM | Lots of Excuses |
11/1/2024 9:33 AM | LEAD BALLOONS |
10/31/2024 1:52 PM | Difficult Sledding |
10/31/2024 10:01 AM | TOO COCKY? |
10/30/2024 1:45 PM | Check Time |
10/30/2024 9:44 AM | GENERALS LEAD…KEEP UP IF YOU CAN |
10/29/2024 1:47 PM | All Eyes on Google |
10/29/2024 9:09 AM | DJT SETS THE PACE |
10/28/2024 1:43 PM | Busy Week |
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