Daily Comment
Daily Comment (January 14, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s risk-off this morning. Global equities are lower on fears of a Chinese economic slowdown and on the U.S. government shutdown. Here is what we are watching this morning: China: December exports fell 4.4%,[1] well more than forecast, but imports fell even more, slumping 7.6%. The… Read More »
Daily Comment (January 11, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are modestly lower this morning in a very quiet market. Yesterday, we started the day lower but moved higher. Although much of the rally was probably due to Chair Powell’s “patient” speech, it also points to a different market tone. Last month, rallies… Read More »
Daily Comment (January 10, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are lower this morning as the markets take a “pause to refresh.” Here is what we are watching this morning: Oh, that’s what you meant: The FOMC minutes were released yesterday and signaled a decidedly dovish turn in policy.[1] The text of the… Read More »
Daily Comment (January 9, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are higher again this morning as the recovery continues. Here is what we are watching today: Shutdown: The president went primetime last night to make his case for a wall. The Democrats responded. Nothing has changed and the shutdown drags on. For the… Read More »
Daily Comment (January 8, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are higher this morning as the recovery continues. Here is what we are watching today: Fed news: Atlanta FRB President Bostic suggested that the policy rate may be near neutral and perhaps only one more increase is needed.[1] Bostic has made it clear… Read More »
Daily Comment (January 7, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are flat this morning after a strong rally on Friday. Here is what we are watching this morning: Powell the dove: Chair Powell participated in a panel discussion on Friday that included former Fed Chairs Bernanke and Yellen. He pretty much said everything… Read More »
Daily Comment (January 4, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] After a hard sell-off in equities yesterday, we are seeing a bounce this morning. Boosting sentiment are hopes for a dovish tone from Chair Powell, a reserve rate cut in China and the opening of formal trade talks between the U.S. and China. We cover the… Read More »
Daily Comment (January 3, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It was all about Apple (AAPL, 157.92), which is down around 8% in the pre-market trade, and the yen. Here is what’s going on: AAPL: Apple[1] released a letter warning investors that the company would miss revenue estimates. Two reasons were given for the decline, weaker… Read More »
Daily Comment (January 2, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Back to the salt mines! The New Year, 2019 (hard to believe, isn’t it?), is starting out with a thud as weak Chinese data has sent equities into the red. Here is what we are watching this morning: The Chinese data: The PMI data[1] from China… Read More »