Trick or Trend: Financials fade badly into close–what’s it mean?
Our regular (or occasional or perhaps occasionally regular) Friday series ( actually running on Friday this week due to a clerical error, I'm sure) Trick or Trend looks at what might (or might not) be emerging investible trends. Exclusively on JAM. This post won't run...Financials continue to rally in wake of reports of less damage than expected in Florida from Irma
Yesterday forecasts of lower than expected damage from Hurricane Irma were enough to light a fire under shares of insurance companies, the Financial Select Sector SPDR and the market as a whole. Today even a warning from Citigroup that trading revenue would fall 15% in the third quarter has been enough to derail the upward trend in financials.
Why the huge intraday swing in stocks? The reason matters
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Cause for worry? Where’s the sector rotation today?
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Earnings worries move to the fore today
Today marked the official turn in financial market attention from central banks and interest rates to the upcoming–and likely disappointing–U.S. earnings season. Projections are that earnings of the stocks in the Standard & Poor’s 500 stock index will see a year over year decline in earnings of 7% to 7.4%, depending on your data source preference.
Nothing but noise in the first day of earnings season
To put a serious dent in the market’s upward trend, I think we need something that will shake the belief in an improving U.S. economy in the second quarter and indeed in the second half.
Last week’s momentum rout doesn’t seem over, downtrend spreads to consumer discretionary and financial sectors
For a while this morning, it looked like the momentum sell off from the end of last week might be over. Such momentum leaders as Netflix (NFLX), Tesla (TSLA), and Yelp (YELP) were all in the green shortly after trading began at 9:30 a.m. New York time. But my mid-afternoon—2:15 p.m. to be exact—most of this group had returned to the red
Earnings season starts today–all eyes will be on guidance, especially for the financials
Earnings season for the second quarter starts officially today when Alcoa reports. Analyst estimates call for S&P 500 earnings growth of just 1.8% this quarter. Far and away the highest expectations are for the financial sector where earnings are projected to grow by 17%. Take away that performance by financials and earnings growth for the rest of the S&P 500 is projected to drop by 1%.