November 2022

The Week Behind Markets traded evenly heading into Friday’s much-anticipated presser at Jacksonhole. When Powell took the stage, the markets must have identified some sharp, hawkish talons as the indices scrambled for cover, losing ~4% on the week in the process. Highlights While Jacksonhole did not produce any new or material information for markets, Powell’s…

The Week Behind After the S&P 500 rejected its 200d SMA on Tuesday, markets traded flatly until Friday. Between higher-than-expected inflation in Europe, rising treasury yields, and signs of life in oil, all major indices ended the week in the red. The DOW escaped nearly unscathed, shaving only 0.16%. The S&P took a 1.21% cut.…

The Week Behind Headline and Core CPI for July both came in below expectations. Headline came in at 8.5%, below the forecast 8.7%, a MoM decline from 9.1%. Core also beat by 0.2%, 5.9% actual versus 6.1% forecast, equal to last month’s report that was also 5.9%. All indices ended the week ~3% in the…

The Week Behind Despite an unexpectedly hot jobs number, the major indices showed resilience, refusing to give up any of the gains made two weeks ago coming out of the FOMC meeting and mega-tech earnings. This week the DOW and S&P 500 couldn’t be bothered: the former losing ~0.1%, the latter gaining ~0.35%. Meanwhile, the…

The Week Behind Despite a sloppy session to end the week via Snapchat’s (SNAP) results, the major indices continued their climb upward to end the week, and the month, in the green. The Dow added 1.29%, the S&P500 managed 2.55%, and, shining the greenest, the NASDAQ climbed 3.33%. Jobless claims showed a slight increase. Consensus…

The Week Behind Market action picked up midway through the week reacting to Wednesday’s hot CPI report. Headline made a new peak at 9.1%, compared to 8.6%. Core continued to cool at 5.9%, compared to 6.0%. Despite the red hot number, major indices tallied only relatively minor losses while exhibiting resilient intraday activity. For the…

The Week Behind To start last week, the major indices were at inflection points. The FOMC minutes sparked a rally that carried into the weekend: the DOW added 0.77%; the S&P 500 ~2%; and the NASDAQ, last week’s outperformer, gained ~4.5%.  Highlights Last Week’s Rally In Perspective: Questionable Catalyst and a Puzzling Backdrop Questionable Catalyst…

The Week Behind While equities experienced a strong, late-day bounce to close last week, all major indices finished in the red. The DOW was the relative outperformer, down only 1.28%. The S&P lost 2.21%. The interest-rate sensitive NASDAQ, despite retreating Treasury yields, was the worst of the bunch, dropping 4.13% as semiconductors in the index…

The Week Behind After an abysmal performance last week, equities found some footing and rallied the entire week. The NASDAQ finished ~7.5% higher; the S&P added ~6.5%; the DOW tallied ~5.4%. While the backdrop featured little breaking economic news, it was doctored by Treasuries backing off their highs and commodities finding some stabilization. The former…

The Week Behind It is hard to undersell how poorly equities performed last week. All the major indices tallied significant losses. While Treasury yields retreated from new highs, the NASDAQ did not escape the wreckage, falling 4.78%. The Dow notched a 4.79% loss, giving up 30,000 for the first time in 17 months. Not to…