[Chart courtesy of MarketWatch.com] The markets opened mixed, as the latest stats showed a weakening labor market ahead of Friday’s eagerly expected payroll report. ADP’s data confirmed less private payroll growth than hoped for in June, while at the same time weekly jobless claims numbers were higher than anticipated. To me, that is no surprise, since almost daily I am …
Powell’s Remarks And Tesla’s Triumph Drive Market Dynamics
[Chart courtesy of MarketWatch.com] The markets were in limbo this morning after Fed head Powell’s comments that progress on inflation has been made, but that he’s not ready to cut rates yet. That caused the indexes to vacillate with traders being unsure what to make of those remarks. He then added that “we want to be more confident that inflation …
AI’s Promise Amidst Economic Pessimism: A New Era For Tech And Productivity
[Chart courtesy of MarketWatch.com] A choppy opening marked the first day of trading in July. Despite tech stocks edging higher there seemed to be some rotation out of that sector, as Nvidia slipped some 3% and leading other compatriots like AMD and Broadcom lower. While some traders might dismiss the AI development as just another temporary mania, I think it …
ETF Tracker Newsletter For June 28, 2024
ETF Tracker StatSheet You can view the latest version here. H1 2024: A TALE OF RALLIES AND DISLOCATIONS – IS THE MARKET DANCING ON THIN ICE? [Chart courtesy of MarketWatch.com] The major indexes started the session on a positive note, as traders were pleased with the latest release of the Personal Consumptions Expenditure index. The PCE showed that inflation …
Mixed Economic Signals As Tech Rises And Consumer Confidence Wavers
[Chart courtesy of MarketWatch.com] A rebound in the tech sector helped the S&P 500 and Nasdaq to find some footing, with both indexes starting and ending the session on a positive note. Nvidia gave a much-needed assist by bouncing back from its latest slide, as did the MAG 7 stocks. The recent sell off pushed the AI darling more than …
Economic Crossroads: Inflation Data Looms As Gold And Oil Rally, Bitcoin Bruised
[Chart courtesy of MarketWatch.com] The Nasdaq was lagging as today’s session got underway with traders rotating out of the overbought tech sector and into financials, utilities, and energy, with oil climbing above the $81 level. Only the Dow managed a green close. Nvidia dropped some 5% on top of last week’s 4% decline, after the stock snapped an eight-week winning …