Daily Comment
Daily Comment (March 31, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] As March draws to a close today, we’re reminded of the old adage about the month: in like a lion, out like a lamb. After what we’ve all gone through during the last month, we certainly hope for a day that’s as… Read More »
Daily Comment (March 30, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning and happy Monday! Before we begin, we want to note a correction from our Friday comment; we erroneously reported the NHL had cancelled its season.[1] That wasn’t true, and we apologize for any confusion. Global equities are lower and oil… Read More »
Daily Comment (March 27, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Happy Friday as we wrap up another long week. After three days of vigorous equity rallies, we are taking a breather this morning. We update all the COVID-19 news. Venezuela’s president is indicted. Israel has a new unity government. Here are the… Read More »
Daily Comment (March 26, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] The long-awaited initial claims data is out; we offer details below, but claims rose a record 3.28 mm. After a two-day respite, equities have turned lower. As we note below, the Senate has passed a $2.0 trillion spending package. As usual, we… Read More »
Daily Comment (March 25, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] For the first time in ages, it actually feels right to say, “Happy Wednesday,” given the historic surge in U.S. stocks yesterday (the Dow’s rise of more than 11% was its best daily gain since 1933). Just as important, Republicans and Democrats… Read More »
Daily Comment (March 24, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] As Tuesday dawns and financial markets surge, it’s important to remember that true market stabilization amidst the pandemic would probably require three things: 1) full support for the economy and financial markets by the Federal Reserve and other major central banks; 2)… Read More »
Daily Comment (March 23, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] It’s Monday. Global markets remain in risk-off mode after the Senate’s first swing at the third phase of the rescue package fails. BREAKING: FED GIVEN BROADER POWERS TO INTERVENE IN FINANCIAL MARKETS—MORE BELOW—S&P FUTURES RECOVER. We update the COVID-19 virus news. Here… Read More »
Daily Comment (March 20, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Good morning and happy Friday! “There are decades where nothing happens, and there are weeks where decades happen.” This quote, misappropriated to Lenin, seems to capture much of how things feel right now. It’s a “green screen day” with equity futures rebounding… Read More »
Daily Comment (March 19, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Today is the spring equinox; it’s hard to say if this is a good or bad omen. We update COVID-19 news. Although there is much to say about the financial markets, to some extent, it can be summed up succinctly—there is a… Read More »