Reaction to big bank earnings not good way to start earnings season
Earnings from Citibank (C), JPMorgan Chase (JPM), and Wells Fargo (WFC looked solid this morning but the more the market thought about them the more disappointed it got. The Financial Sector Select SPDR ETF (XLF) was up 1.6% in the early going but as of 2:30 p.m. New...
What’s the opposite of a “Goldilocks” market?
A Big Bad Wolf market? A Sauron market? An Evil Stepmother market? The reaction to this morning's inflation report suggests me might need a name for this kind of market. The worry, my worry, going into today's Consumer Price Index (CPI) inflation report from the...
Tomorrow’s inflation numbers are important after today’s rout
At 3:30 p.m. New York time the Dow Jones Industrial Average was down a big 2.39% or 632 points. The Standard & Poor's 500 was lower by 2.55%. The NASDAQ Composite Index fell 3.16%. The rout came on fears that the U.S.-China trade war would cut into U.S., Chinese,...
“Odd” job numbers this morning for September but job market still strong
The economy added only 134,000 new jobs in September--probably a result of Hurricane Florence. But a huge revision to August and July job gains more than offset the weak current month. Economists surveyed surveyed by Briefing.com had projected the economy would add...
Bond market takes a bite out of stocks today
Bond prices fell and bond yields climbed, sending stock prices lower today, October 4. The yield on the 10-year Treasury rose another basis point today, after climbing yesterday, to 3.19%. The yield on the 2-year Treasury climbed to 2.88%, up 4 basis points. A lower...
Mortgage rates and odds of December interest rate increase climb after Fed meeting
Yesterday's meeting of the Federal Reserve's Open Market Committee ended with the committee raising the short-term Fed Funds benchmark rate 25 basis points and signaling an intention of raising rates again in December and then three more times in 2019. Yesterday the...
Bad news on U.S. exports and trade deficit starts to bring down GDP forecasts
The U.S. trade deficit in goods grew in August to $75.8 billion, the widest in six months, as exports of food, industrial supplies and autos declined, the Commerce Department reported today. In addition imports of autos and consumer goods increased in the month. A...
Fed raises interest rates, locks in December increase, signals 3 moves in 2019
No surprise on a September interest rate increase from the Federal Reserve today--but some very aggressive signals on policy into 2019. The 25 basis point increase today raised the Fed Funds rate to a target of 2% to 2.25%. The economy remains solid; job growth has...
Oil is a story today, but Treasury market is “the” story
Oil prices are up again this morning with the U.S. benchmark West Texas Intermediate ahead 0.21% to $72.23 a barrel as of noon New York time. International benchmark Brent has gained 1.02% to $82.03 a barrel. But "the" story today, I'd argue, is the Treasury market on...
Saturday Night Quarterback says, For the week ahead expect…
... excitement? Nah. How about confirmation of what everyone already "knows" from the Federal Reserve. The Fed's interest rate setting body, the Open Market Committee, meets on Wednesday and is widely expected to announce that U.S. central bank will raise short term...
Battle over bond yields, interest rates shifts to 2019
Remember back at the beginning of 2018 when bond investors and traders couldn't agree on whether the Federal Reserve would raise interest rates two times, or three times or four times in the year? (It wound up being four.) Well, we're looking at a replay of that...Jim’s Stock Alerts
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